Albania: Insurance market on positive track after the first five months of the year

5 July 2018 — Daniela GHETU
GWP written for the first five months (January to May) 2018 by Albanian insurers amounted to over ALL 6,277 million, or 3.01% more y-o-y, while the number of related insurance contracts reached to 462,260 with an increase of 7.30% y-o-y, Albanian FSA data show.

Non-Life insurance brought 93.02% of the total premium volume, leaving respectively life assurance with 6.89% and reinsurance activity at 0.09%. By type of insurance, voluntary insurance lines account for 39.37% of the total market GWP, the largest share of the portfolio, of 60.63% being held by mandatory insurance.

Gross claims paid in the same period amounted to about ALL 1,940 million, or 17.57% less y-o-y. Claims paid for motor insurance contracts amounted to ALL 1.326 million, or 68.33% of the total.

Compulsory MTPL premiums amounted to ALL 3.806 million, 7.97% up y-o-y.

  • Domestic MTPL: GWP - 10.59% growth; number of contracts - up by 7.05%
  • Green Card: GWP - 2.49% decrease; number of contracts - up by 7.43%
  • Border Insurance: GWP - 4.57% decrease; number of contracts - up by 26%
On the Voluntary insurance segment, GWP decreased by 3.79% y-o-y, to ALL 2,471 million, although the total number of contracts grew by 6.44%.

Property insurance lines provided for GWP worth 1,098 million, the largest share of this volume, 69.94%, belonging to the fire and other damage to the property line for which GWP increased by 17.12% for 11.01% more contracts.

1 EUR = 125.92 Albanian Lek (ALL) (as at 31 May, 2018)

1 EUR = 134.19 Albanian Lek (ALL) (as at 31 May, 2018)

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