The aggregate GWP by Albanian insurers decreased by 5.73% y-o-y in 2020, to ALL 16.60 billion (EUR 134.26), official figures published by Albanian Financial Supervisory Authority showed.

Total gross claims paid increased to ALL 7.61 billion (EUR 61.12 million) - including the paid claims for Compensation Fund -, from ALL 6.37 billion a year earlier.

In the year 2020, the number of concluded insurance contracts reached 956,447 registering a decrease of 29.16% compared to year 2019.

The insurance market continued to be oriented towards non-life insurance, which brought 93% share of the total premium volume, leaving life insurance with 7% 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 36.18% and compulsory insurance written premiums account for 63.82% of the total market.

The local subsidiaries of Austrian insurer UNIQA dominated the two main sectors of business. Thus, the largest life insurer in the country was SIGAL UNIQA Life (53.62% market share), while SIGAL UNIQA accounted for about 25.14% of non-life GWP.

Access xprimm.com and download the FY2020 Albanian insurance market statistics.