Albanian insurers recorded GWP worth EUR 45.42 million in Q1 2023, up by 29% y-o-y. In the same period, paid claims rose by 18.3% y-o-y, to EUR 14.23 million. However, one should note that due to the Albanian currency appreciation vs. the precedent year, the growth rates in European currency are significantly higher than those calculated with the premiums and paid claims values denominated in Albanian Lek.

Despite the above average growth rate recorded for the life insurance segment (40% vs. 29%), this line of business continues to hold a little share, of only 8%, in the market portfolio.

On the non-life side, property insurance classes saw the highest growth rates: 51% for fire insurance, to GWP worth EUR 5.91 million; 70.46% for damages to property, to EUR 1.23 million. Yet, as the absolute figures are revealing, the overall turnover of the property insurance LoBs remains at rather modest value.

Motor insurance lines continue to account for almost 60% of the total GWP, totaling EUR 27.19 million. The MTPL class (including DMTPL, Green Card and Border Insurance) accounts for the largest part of the total - EUR 24.26 million or 53.42% of the total market GWP. Motor insurance proved to be once again the market driver.

Access xprimm.com and download the latest Albanian insurance market statistics (in EUR and ALL).