In the first three quarters of 2024, gross written premiums (GWP) in Albania's insurance market reached ALL 18,288 million, marking a 7.36% increase y-o-y. In European currency, the appreciation of the Albanian Lek against Euro, the market growth was of 15.9%, to EUR 185.15 million.

The market remains predominantly focused on non-life insurance, which accounts for 91.92% of total premiums, while life insurance comprises 8.05%, and reinsurance, 0.039%. Voluntary insurance premiums make up 39.61% of the total market, with compulsory insurance at 60.39%.

In the same period, gross paid claims totaled ALL 6,183 million (EUR 62.60 million), a rise of 25.71% y-o-y. Motor insurance claims reached ALL 4,549 million (EUR 46.06 million), increasing by 28.68%.

Compulsory MTPL premiums rose by 7.93%, reaching approximately ALL 11,043 million (EUR 111.8 million). The internal MTPL product saw a 10% increase in premiums and a 9.63% rise in contracts. The Green Card product premiums grew by 2.04% with a 19.52% increase in contracts, while Border Insurance premiums declined by 11.28% with a 11.64% drop in contract numbers.

Voluntary insurance premiums amounted to ALL 7,245 million (EUR 73.35 million), up by 6.52%. Non-life voluntary insurance premiums increased by 5.96%. The Property, Liability, and Guarantee portfolios, generating over ALL 3,150 million (EUR 31.9 million) in total, were led by Fire and Other Property Damage insurance (68.88%), followed by General Liability insurance (22.22%).

The Fire and Natural Forces portfolio premiums rose by 3.43%, while contracts increased by 2.09%. Accident and Health insurance premiums reached around ALL 1,056 million (EUR 10.7 million), a 2.09% increase.

Life insurance premiums grew by 9.22%, totaling ALL 1,471 million (EUR 14.9 million) during this period.

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