ALBANIA: market increase of 2.33% y-o-y with non-life occupying over 92% from January to August

3 October 2019 — Marina MAGNAVAL
The Albanian market reached over ALL 11.36 million (~EUR 0.09 million) from January to August 2019, 2.33% more y-o-y. The total number of insurance contracts amounted to 885,298 (+4.72%). Paid claims reached about ALL 3.94 million (+9.99% y-o-y), as data from the Financial Supervisory Authority of Albania show.

Non-life dominates in the market with 92.41% of the total GWP for the period. While life and reinsurance sectors occupy respectively 7.25% and 0.34% of the portfolio. Voluntary insurance accounts for 36.86% and compulsory classes prevail with 63.14%. Property and other insurance keep 16.55% of the market, life and health - almost 15%, motor insurance - 68.46%.

Compulsory motor GWP amounted to about ALL 7.18 million, showing an increase by 4.75%. At that domestic MTPL went up by 5.17% and Green Card increased by 7.97%. It's worth noting that most of the market paid claims were related to motor insurance (~ALL 2.24 million or 56.90% of the total).

Voluntary segment GWP dropped slightly and reached almost ALL 4.19 million (-1.57%). Decrease of the non-life voluntary classes was 4.12%. Property, liability and guarantee insurance during the period exceeded ALL 1.59 million with the biggest share in this portfolio (72.41%) taken by fire and other property damage, followed by general liability (~16.74%). Accidents and health insurance increased by 4.31% y-o-y. Life insurance GWP increased by 10.91%.

*1 EUR = 122.12 ALL (as of 30.08.2019)

Full monthly statistical report (in Excel version) for period January - August 2019 can be found here.

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