STATISTICS: ALBANIA, 1Q2020: Insurers reported huge increase in property claims

11 June 2020 — Andrei Victor
According to the first-quarter 2020 figures published by the Albanian Financial Supervisory Authority (AFSA), the local insurance market amounted to over ALL 3,590 million (~EUR 27.47 million*), or 9.56% less compared to January - March 2019.

"Seen from the market segmentation perspective by the following insurance types: compulsory and voluntary, the voluntary insurance written premiums account for 41.95% and compulsory insurance written premiums account for 58.05% of the total market", AFSA representatives affirmed in the Q12020 report.

At the same time, during the analyzed period, the number of concluded insurance contracts reached 240,514 registering a decrease of 12.86% y-o-y.

The insurance market continued to be oriented towards non-life insurance, which brought 92.59% share of the total premium volume, leaving life insurance with 7.41% share of the total GWP.

In the period January - March 2020, gross paid claims in insurance market amounted to about ALL 2,263 million (EUR 17.32 million), or 50.88% more compared to January - March 2019: "In the period of January - March 2020 the payment of claims increased by 50.88% compared to January - March 2019. The highest share of the gross paid claims belong insurance Against Fire and Natural Forces with about ALL 1,242 million, or 54.89% of the total gross paid claims."

* 1 EUR = 130.66 Lek - ALL (March 31st, 2020)
1 EUR = 125.34 Lek - ALL (March 31st, 2019)

Access and download the latest Albanian insurance market statistics.

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