STATISTICS: ALBANIA, FY2015: Rapid growth driven exclusively by the MTPL line

Year 2015 ended for the Albanian insurance market with GWP of EUR 102.6 million, 23.7% up y-o-y and a total amount of paid claims of EUR 26.5 million, almost 31% up y-o-y.

Life insurance continues to play only a marginal part in the market overall business profile. In fact, posting a growth rate significantly lower than the whole market's dynamic, of only 2%, the segment saw a decrease in its market share of about 1.5 pp, to 7.3%.

On the non-life insurance side, GWP went up by 26%, to EUR 95 million, almost entirely as a result of the premiums growth on the MTPL class, more precisely on the domestic MTPL line. Thus, DMTPL gross premiums increased by 30% y-o-y, to EUR 61.7 million, the segment's weight in the overall portfolio increasing by over 2 pp.

Property line (fire & allied perils and damages to property) represent all together 13.6% of the market GWP portfolio. However, in absolute terms, the segment remains very small, Albania continuing to witness a large gap in what the properties' insurance coverage is concerned.

Access www.xprimm.com and download the FY2015 Albanian insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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