The Albanian insurance industry amounted over ALL 16.19 billion (~EUR 122 million) at the end of 2017, or 5.38% y-o-y. During the analysed period, the number of issued insurance contracts reached 1,261,238 showing an increase of 11.99 % compared to year 2016.
According to the year-end market figures published by the Albanian Financial Supervisory Authority (AFSA), the local insurance market continued to be dominated by non-life segment, with a 92.06% share of the total premium volume. Life insurance and reinsurance market shares were respectively 7.44% and 0.50% of the total GWP.
At the same time, market shares of voluntary and compulsory insurance in total gross written premiums were respectively 38.48% and 61.52%.
The total of paid claims during year 2017 was about ALL 5.51 billion (~EUR 41.50 million) or 15.80% more y-o-y. Excluding the value of paid claims for Compensation Fund (ALL 725.36 million / EUR 5.5 million), local insurers paid life and non-life claims and indemnities worth ALL 4.78 billion (EUR 36 million), up by 12.81% y-o-y. Most of the gross paid claims were related to motor insurance classes, about ALL 3.05 billion or 55.36% of total gross paid claims (including the value of paid claims for Compensation Fund).
Per insurance segments, the largest insurers in the country were the two local subsidiaries of Austrian UNIQA. Thus, in terms of GWP, SIGAL LIFE UNIQA was the top life insurer (61.4% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking - 26.3% market share. It is worth to mention that the local unit of UNIQA is the largest property insurer (39.4% market share), the largest motor insurer (21.9%), or the largest A&H (accidents and health) insurer (33.5%).
Access www.xprimm.com and download the FY2017 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
