ALBANIA: in January-May the insurance market expanded by over 15% y-o-y

5 July 2021 — Marina MAGNAVAL
For the period January-May 2021 the Albanian insurance market generated GWP worth over ALL 7,009 million (~EUR 56.98 million*), or 15.51% more y-o-y. The number of concluded insurance contracts for the period increased by 1.86% y-o-y, according to figures published on the website of ASFA (Albanian Financial Supervisory Authority).

The market portfolio continued to be dominated by non-life insurance (92.95% of the total GWP), while life insurance generated only 7.04%. Segment-wise, voluntary insurance account for 43.44% and compulsory insurance - for 56.56% of the total market.

Compulsory motor insurance GWP during January-May 2021 amounted to about ALL 3,964 million (+11.51%). At that domestic MTPL registered an increase by 11.04% of GWP, and the number of contracts increased by 12.31% y-o-y. Green Card registered an increase by 5.91% of GWP, with the number of contracts increased by 5.47%. Border insurance GWP grew by 97.86%, the number of contracts increased by 106.29%.

Voluntary insurance in the period amounted to about ALL 3,045 million, or 21.17% more compared to January-May 2020, however, the number of voluntary insurance contracts decreased by 14.82%. Property, Liability and Guarantee portfolios provided over ALL 1,596 million in total, and the first place was occupied by Fire and Other Property Damages with about 69.71%, followed by General Liability insurance with 20.71% of the total income. Life insurance in January-May 2021 amounted to about ALL 493 million, or 21.58% more y-o-y.

For the first five months of 2021, total paid claims of Albanian insurers amounted to about ALL 3,144 million, or 7.98% less y-o-y, mainly due to the payments from the 2019 Earthquakes during last year. The highest share of the gross paid claims belongs to motor insurance - ALL 1,714 million, with an increase around 51.42% compared with January-May 2020, the report said.

* for the following exchange rate:
1 EUR = 123.01 ALL, Albanian lek (01.06.2021)

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