According to the year-end market figures recently published by Albanian FSA, during January-December 2022 the local insurance market experienced an increase of 9.16% y-o-y to ALL 21.03 billion (~EUR 184 million). At the same time, the number of policies increased by 12.93% compared to January-December 2021 to 1,325,231.

On main insurance lines of business, the volume of non-life GWP business was ALL 19.29 billion or 91.75% of total GWP, representing an increase of 8.35% y-o-y. The number of Non-Life insurance policies was 1,200,511 an increase of 12.42% compared to FY 2021.

The amount of gross insurance premiums in Life insurance business was ALL 1.68 billion, up by 17.84% y-o-y, while the number of policies was 121,694, representing an increase of 18.03% y-o-y.

During the analyzed period, the volume of paid claims increased to ALL 6.83 million, up by 2.39% y-o-y. Including the payments for Compensation Fund the same indicator totaled ALL 7.12 billion

The number of claims paid in January-December 2022 was 58,510, an increase of 5,730 compared to 2021. Of those, 55,705 claims were paid by Non-Life Insurers and 2,805 by Life insurers.

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 (45.74% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking - 26.76% market share.

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