STATISTICS: ALBANIA, 1H2015: MTPL insurance growth drives the market upswing
Life insurance not only continued to represent a small part of market, but lost more ground in relation to the non-life segment, its weight in the market potfolio diminishing from 10.15% by the end of 1H2014, to 7.4% in June 2015.
As a result, the market continued to be dominated by Non-Life insurance, with an increased portfolio share of 92.39% of the total premium volume. Compulsory insurance GWP made 56.83% of the non-life portfolio.
Paid claims amounted to EUR 10.4 million (ALL 1.46 billion) or 12.60% more, as compared with 1H 2014.
The compulsory MTPL line holds, by far, the largest share in the market portfolio, accounting for 56.7% of the total GWP. An over 27% y-o-y increase in GWP for this line, to almost EUR 26 million, provided for a 3pp increase of the line's portfolio weight.
Non-Life voluntary insurance experienced a y-o-y increase by 21.88% in 1H2015, the "Fire and other property damage insurance" line holding an almost 73% share of this business.
GWP in insurance against fire and natural forces portfolio increased by 13.01% y-o-y, in 1H2015, while the number of contracts went up by 9.83%. Yet, the insurance penetration on this specific line remained very low. The subsidiaries of the Austrian group UNIQA, SIGAL and SIGAl Life are the market leaders on their respective market segments, with market shares of 28.4% and 68.3% respectivelly. SIGMA INTERALBANIAN VIG and EUROSIG are completing the Top 3 ranking, with market shares of about 17% and 15% respectivelly.
Access www.xprimm.com and download the 1H2015 Albanian insurance market statistics.
Market indicators (in EUR and ALL):
- Growth rates
- Motor/DMTPL/Green Card
- Accidents & Health
|More about the Albanian insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).|