STATISTICS: Albanian insurers’ end-March 2024 business increased to over EUR 50 million

20 June 2024 — Andrei VICTOR
STATISTICS: Albanian insurers’ end-March 2024 business increased to over EUR 50 million

Albanian insurance market posted Q1 2024 GWP of ALL 5.2 billion (~EUR 50.8 million), or 1.7% more y-o-y, according to the quarterly figures published on the website of the local financial supervisory authority - AFSA. 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.

In January - March 2024, gross paid claims in insurance market amounted to about ALL 2 billion, or 23.88% more compared to January - March 2023. The number of claims paid during the analyzed period was 3,301 an increase by 17,634 compared to Q1 2023. Of those, 16,702 claims were paid by Non-Life Insurers and 932 by Life insurers.

The insurance market continued to be oriented towards non-life insurance, which brought 90.99% share of the total premium volume, leaving life insurance with 8.93% share of the total premium volume and reinsurance with 0.076 % share of the total premium volume. Seen from the market segmentation perspective by the following insurance types: compulsory and voluntary, the voluntary insurance written premiums account for 42.30% and compulsory insurance written premiums account for 57.70% of the total market.

During the analyzed period, the number of policies was 310,847, an increase of 8.96% y-o-y. The number of Non-Life insurance policies was 278,728 an increase of 9.33% compared to January - March 2023, while the number of Life insurance policies was 32,110, an increase by 5.87% vs. Q1 2023.

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 (41% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking – 24.5% market share.

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

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