STATISTICS: Albanian insurers’ 3Q2023 business expanded by 10% y-o-y

14 November 2023 — Andrei VICTOR
STATISTICS: Albanian insurers’ 3Q2023 business expanded by 10% y-o-y

Albanian insurance market posted January-September 2023 GWP of ALL 17.0 billion (~EUR 160 million), or 9.9% more y-o-y, according to the 3Q2023 figures published on the website of the local financial supervisory authority - AFSA.

During the analyzed period, the number of policies was 1,093,347, an increase of 11.41% y-o-y. The number of Non-Life insurance policies was 994,218 an increase of 11.83% compared to 3Q 2022, while the number of Life insurance policies was 99,112, an increase by 7.30% compared to January - September 2022.

The insurance market continued to be oriented towards non-life insurance subclasses, which brought 92.02% share of the total premium volume, leaving life insurance with 7.91% share of the total premium volume., the remaining 0.07% being accounted by the business accepted in reinsurance.

The number of claims paid in January - September 2023 was 46,225, an increase by 3,434 compared to January - September 2022. Of those, 42,791 claims were paid by Non-Life Insurers and 3,434 by Life insurers.

In the period January-September 2023, the total of paid claims was ALL 4.9 billion (EUR 46 million), or 3% more than compared to January - September 2022 y-o-y, the largest share being reported on non-life motor subclasses (MoD, MTPL, Border and Green Card, summed): ~ALL 3.5 billion or about 72% of total payments.

The statistics published by the Albanian FSA include the 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 (45.6% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking – 26.7% market share.

Access and download the latest Albanian insurance market statistics (in EUR and ALL).