Albanian insurers wrote gross premiums worth EUR 118.43 million, 14.12% up y-o-y. The double-digit growth rate is partly owed to the about 6% appreciation of the Albanian Lek. In local currency, the market growth was 7.55%.

Life insurance continued to hold just a small share in the market portfolio, of less than 9%, although GWP for this segment rose by 21.4% (in euro). As such, non-life insurance classes remain dominant. Motor insurance classes – in particular MTPL insurance -, remained not only the market segments with the largest share in the portfolio, but also the market drivers, providing for about 80% of the market growth in absolute terms.

In fact, this situation may be at least partly explained by the Albanian consumers behavior, of acquiring predominantly mandatory insurance products as the MTPL insurance. As such, GWP per voluntary insurance declined by about 5.2% y-o-y in the first half of the year.

The pronounced dependence on motor classes is visible also on the paid claims side. Overall, Albanian insurers have paid claims worth EUR 41.11 million, by 32% more y-o-y, most of this increase being provided by the motor classes. Besides the increasing repair costs, the large number of accidents on the Albanian roads has a significant contribution to the growing claims expenses. According to the Albanian Institute of Statistics data, 767 road accidents were recorded in Albania in the first half of 2024, resulting in 976 injuries and 75 fatalities. The mortality rate from road accidents during this six-month period stands at 9.8 per 100 accidents.

The largest insurers in the country in terms of GWP were the two local subsidiaries of Austrian UNIQA. SIGAL LIFE UNIQA was the top life insurer (40% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking – 27.8% market share.

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