STATISTICS: ALBANIA, FY2016: Double-digit increasing MTPL premiums maintained the market "in black"
Overall, during 2016, "the number of issued insurance contracts reached 1,126,233 showing an increase of 2.66% compared to the year 2015. The market continued to be dominated by Non-Life insurance, which share was 93.13% of the total premium volume, Life insurance and Reinsurance market share was respectively 6.33% and 0.54% of the total premium volume", as Albanian FSA announced in a statement.
At the same time, "market shares of voluntary and compulsory insurance gross written premiums were respectively 38.10% and 61.90%". It is also worth mentioning that the number of voluntary insurance contracts decreased by 3.10 % compared to the year 2015.
On business lines, as in previous reporting periods, the GWP portfolio is dominated by the Compulsory Motor insurance. Overall, the value of GWP was ALL 9,509 million (EUR 61.6%), showing an increase by 12.19% compared to the year 2015. Divided into subclasses, all three business lines have performed well, reporting double-digit growth rates both in terms of volume of GWP as well as number of contracts, as follows:
- GWP in Domestic MTPL insurance, increased by 11.59% y-o-y, also the number of insurance contracts increased by 4.22% compared to the previous year.
- GWP in Border insurance, for the year 2016 increased by 19.32% y-o-y. The number of contracts also increased by 21.86% compared to the previous year.
- GWP in Green Card insurance, increased by 12.31% in the year 2016 vs. 2015. The number of contracts also increased by 15.26% y-o-y.
Access www.xprimm.com and download the FY2016 Albanian insurance market statistics.
Market indicators (in EUR and ALL):
- Growth rates
- Motor/DMTPL/Green Card
- Accidents & Health