At the end of 2016, the Albanian insurance market totaled about ALL 15,466 million (about EUR 114 million), or 9.64% y-o-y, according to the figures published by the local market authority. The total value of paid claims was about ALL 4,276 million (EUR 31.6 million) or 17.54% more y-o-y, of which more than half (about 52%) were related to Compulsory MTPL insurance.

Overall, during 2016, "the number of issued insurance contracts reached 1,126,233 showing an increase of 2.66% compared to the year 2015. The market continued to be dominated by Non-Life insurance, which share was 93.13% of the total premium volume, Life insurance and Reinsurance market share was respectively 6.33% and 0.54% of the total premium volume", as Albanian FSA announced in a statement.

At the same time, "market shares of voluntary and compulsory insurance gross written premiums were respectively 38.10% and 61.90%". It is also worth mentioning that the number of voluntary insurance contracts decreased by 3.10 % compared to the year 2015.

On business lines, as in previous reporting periods, the GWP portfolio is dominated by the Compulsory Motor insurance. Overall, the value of GWP was ALL 9,509 million (EUR 61.6%), showing an increase by 12.19% compared to the year 2015. Divided into subclasses, all three business lines have performed well, reporting double-digit growth rates both in terms of volume of GWP as well as number of contracts, as follows:

• GWP in Domestic MTPL insurance, increased by 11.59% y-o-y, also the number of insurance contracts increased by 4.22% compared to the previous year.
• GWP in Border insurance, for the year 2016 increased by 19.32% y-o-y. The number of contracts also increased by 21.86% compared to the previous year.
• GWP in Green Card insurance, increased by 12.31% in the year 2016 vs. 2015. The number of contracts also increased by 15.26% y-o-y.

The fire and allied persils subclass reported a drop in GWP of over 11% and a decrease in the number of contracts by almost 15%, still remaining one of the Top insurance business segments of the Albanian market, which provides for nearly 9% of total GWP.

Access www.xprimm.com and download the FY2016 Albanian insurance market statistics.

Market indicators (in EUR and ALL):

• GWP
• Claims 
• Growth rates
• Portfolio

Market rankings (in EUR and ALL) - GWP/Claims/rates/shares:

• Life
• Non-life
• Motor/DMTPL/Green Card
• Property
• Accidents & Health