Albania's insurance market grew in local currency 2.3% in 2011 compared to the previous year (excluding reinsurance written premiums), according to data published by Albania's Financial Supervisory Authority (AFSA). In European currency, insurance premium revenues were about EUR 60.01 million. At the same time, the number of insurance contracts was of 1,306,602, up by 77.5% compared with year 2010. The market continued to be dominated by non-life insurance, which weighted 87.2% of the total premium volume. Unfortunately, in the non-life sector, the most surprising dynamic has been registered by Domestic MTPL segment (-25%).
According some market sources, the changes to the law on compulsory auto insurance adopted by Albania's Parliamentary Committee on the Economy in August, 2011 were the main driving factor of this strong negative trend. According to the changes, insurance companies in Albania are allowed to set prices independently based on the market. Local media said the liberalization of compulsory motor insurance led to lower revenues for insurance companies.
Life insurance market share was of 12.8%, and the GWP value exceeded for the first time ALL 1 billion, 25.5% more than the previous year.
Claims payment in year 2011 decreased by 3.7 % compared with the previous year to ALL 2.19 billion. Most of the gross paid claims were related to motor insurance about ALL 1.71 billion or 78% of total gross paid claims.
Access www.xprimm.com and download the FY2011 Albanian insurance market statistics.
Market indicators (in EUR and ALL):
- GWP
- Claims
- Growth rates
- Portfolio
- GWP
- Claims
- Growth rates
- Market shares
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