STATISTICS: ALBANIA 3Q2015: Life insurance loses ground; non-life remains in the double digit growth territory

Albanian's insurance market uptrend continued in the third quarter of 2015, with GWP increasing by about 17% y-o-y, to ALL 10.07 billion (EUR 71.76 million). However, as compared with the results reported in the previous quarters, the market dynamic is slowing down, as the impact of the strong increase in the MTPL prices is somehow dissipating after more than one year from the FSA's corrective measures enforcement.

Thus, according the FSA data, during the 2015's first three quarters, the compulsory motor insurance premiums were about ALL 6.1 billion, showing an increase by 21.38% compared with 3Q2014:
  • GWP in Domestic MTPL insurance, increased by 27.39% , while the number of insurance contracts also increased by 6.79% y-o-y;
  • GWP in Border Insurance decreased by 15.96%. The number of contracts also decreased by 26.47% compared to the period January-September 2014;
  • GWP in Green Card insurance, increased by 17.77% y-o-y. The number of contracts increased by 19.00% y-o-y.
Voluntary Non-Life insurance lines experienced an increase by 17.82% y-o-y.

The total revenues in the portfolios of property, liability and guarantee insurance, were about ALL 1.85 billion, the biggest share of this portfolio, of71.92%, being taken by the Fire and other property damage insurance, followed by General liability insurance with about 19.29%.

It is worth noting that GWP for the insurance against fire and natural forces line, decreased by 0.22% in 3Q2015 although the number of contracts increased by 5.02% y-o-y.

The Life insurance remained on a negative path, with GWP decreasing by almost 10% y-o-y. to ALL 688.1 million (EUR 4.9 million). Life insurance segment's weight in the market portfolio not only remained very small, but further decreased from 8.85% by the end of 3Q2014, to 6.8% in September 2015.

Access www.xprimm.com and download the 3Q2015 Albanian insurance market statistics.

Market indicators (in EUR and ALL):
  • GWP
  • Claims 
  • Growth rates
  • Portfolio
Market rankings (in EUR and ALL) - GWP/Claims/Growth rates/Market shares:

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

MARSH the formation of MARSH-JLT Specialty and its leadership

The global insurance broker MARSH announced the formation of MARSH-JLT Specialty - the new specialty business that combines the specialty teams of MARSH and JARDINE LLOYD THOMPSON Group (JLT) and will be headed by Dominic BURKE, currently CEO of JLT Group.

21.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all