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 www.xprimm.com and download the FY2018 Albanian insurance market statistics.

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

Share |

Related articles

ON THE MOVE

Supervisory Board Chair NN Group steps down

NN Group announces that Jan HOLSBOER, chair of the Supervisory Board of NN Group, has decided to step down as of the close of the annual general meeting (AGM) on 29 May 2019. The Supervisory Board has elected David COLE as Jan HOLSBOER's successor.

20.02.2019

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

12.02.2019

TOP EVENT

Inclusive Insurance - just a week to the second edition of IIF - CEE & SEE Regional Actuarial Insurance Conference in Skopje

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

20.02.2019

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

21.02.2019

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

10.01.2019

See all