Albanian insurance market posted total Q3 2021 GWP of ALL 14.16 billion (~EUR 116.56 million), or 18.06% more compared to January-September 2020, according to the most recent figures published on the local financial supervisory authority - AFSA.

The number of concluded insurance contracts during the first nine month of the year reached 849,732 registering an increase of 22.53% compared to January-September 2020, as the AFSA's market figures shows.

The insurance market continued to be oriented towards non-life insurance, which brought 92.6% share of the total premium volume, leaving life insurance with 7.23% share of the total premium volume - or ALL 1.02 billion, (~ EUR 8.43 million) or 25.24% more compared January-September 2020.

Seen from the market segmentation perspective by the following insurance types: compulsory and voluntary, the voluntary insurance written premiums account for 39.35% and compulsory insurance written premiums account for 60.65% of the total market.

In the period January-September 2021, gross paid claims in insurance market amounted to about ALL 5.17 billion, (~EUR 42.54 million) or 7.21% less compared to January-September 2020, "mainly affected by the payment of most of the compensations for the earthquakes at the end of 2019 during the last year", as AFSA's representatives pointed out in the Q3 2021 insurance market report.

During the period January-September 2021, gross paid claims for the motor insurance policies (voluntary and compulsory, summed-up) reached the value of ALL 3.02 billion (~EUR 24.89 million), with an increase around 42% compared with the same period one year before, of which ALL 2.48 billion - related to MTPL contracts (Domestic MTPL, Green Card and Border policies, summed), 46% more y-o-y, representing about 53% of non-life claims or 48% of total claims paid by local insurers.
It is worth mention:

• Domestic MTPL registered an increase by 8.82% y-o-y GWP volume while the number of contracts increased by 10.58% compared to January-September 2020;
• Green Card Insurance posted an GWP increase of 27.55% y-o-y; the number of contracts increased by 57.59% compared to January-September 2020;
• Border Insurance Premiums registered an increase by 146.6% of the gross written premium volume in the period of January-September 2021 compared to January-September 2020. The number of contracts increased by 175.01%.

The statistics provided by the Albanian FSA include the financial figures from 12 insurance companies operating in the country: four life insurers and eight non-life.
The largest insurers in the country in terms of GWP were the two local subsidiaries of Austrian UNIQA. SIGAL LIFE UNIQA was the top life insurer (54.41% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking - 26.14% market share.
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