The first six months of this year marked a 5% increase for the Albanian insurance market, the total volume of underwritings reaching about EUR 30.4 million, according to preliminary results released by the Albanian Financial Supervisory Authority.

Moreover, the insurance market in Albania is used with the rate of growth, as it has not been affected over the last 3 years by the international financial crisis, this situation being mainly due to simple insurance products sold by insurance companies. This indicates, on one hand, profile market stability, but also the existence of a considerable space for further development and maturation.

On insurance classes, the activity on the non-life segment represented about 88% of the total volume earned from premiums, leaving for life insurance a market share of about 12%.

Also, in 1H/2011, the number of concluded insurance contracts increased by 105%, to 629,225, of which 92% correspondent to the general insurance segment (580,101). This spectacular growth is due mainly to the 424% increase in the number of policies concluded on the accident and illness insurance line (358,716 insurance policies).

Mandatory motor insurance MTPL and Green Card generated more than half of the total underwritings recorded at market level (51.6%), followed by property policies (13% of the total).

In the first six months of this year, the total value of gross claims paid by Albanian insurers totaled EUR 7.8 million, an increase in absolute value by EUR 0.4 million, compared to 1H/2010. Also, the number of paid claims increased by 9%, from 7,476 in 1H/2010 to 8,149 in 1H/2011.