The insurance market reached over ALL 12.83 billion (EUR 105 million) during period January - September 2019, or 3.04% more y-o-y, informed Albanian FSA. During the analyzed period, the number of issued insurance contracts reached 992,212 showing an increase of 3.83% compared to 3Q 2018.
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.
The gross written premiums of Albanian insurers increased 10.8% y-o-y during January-March 2019, reaching ALL 3.93 billion or EUR 31.3 million, as the official figures provided by the Albanian FSA showed.
The Albanian Financial Supervisory Authority (AFSA) has approved sets of instructions for Bonus-Malus system implementation. The Bonus-Malus system will begin to function in Albania starting April 1, 2019.
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 Albanian insurance market grew between 2008-2017 on all segments, both in GWP and in paid claims terms. There is only one exception to this generalized upward trend, that is, the indemnities paid chapter on the property class " fire and allied perils insurance", which dropped 18.04%.
Albanian insurers have reported GWP worth EUR 98.7 million (ALL 12.46 billion) in 3Q2018, up by 9.73% y-o-y. For the same period, paid claims have decreased by 3.12% y-o-y, to EUR 26.86 million. The local subsidiaries of the Austrian group UNIQA lead both the life and non-life insurance segments.