STATISTICS: ALBANIA: Paid claims and indemnities expanded by a quarter during 2018

The Albanian insurance industry totaled over ALL 16.19 billion (~EUR 136.7 million) at the end of 2018, or 4.7% more y-o-y. The number of issued insurance contracts reached 1,309,143 showing a y-o-y increase of 5.89%, according to data published by the Albanian Financial Supervisory Authority (AFSA).

The market continued to be dominated by Non-Life insurance, which share was 92.93% of the total premium volume, while Life insurance and Reinsurance held market shares of respectively 6.75% and 0.32% of the total premium volume. Market shares of voluntary and compulsory GWP were respectively 36.59% and 63.41%, announced AFSA in its Report.

The total of paid claims during year 2018 amounted to about ALL 6.9 billion (~EUR 56.5 million) or 26.2% more y-o-y. Excluding the value of paid claims for Compensation Fund (~ALL 1 billion / EUR 8.2 million), local insurers paid life and non-life claims and indemnities worth ALL 5.9 billion (EUR 48.3 million), up by 24.3% y-o-y.

Per insurance segments, the largest insurers in the country in terms of GWP were the two local subsidiaries of Austrian UNIQA. SIGAL LIFE UNIQA was the top life insurer (59.3% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking - 25.8% market share.

Access and download the FY2018 Albanian insurance market statistics.

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