STATISTICS: Albanian insurers' year-end business expanded to over EUR 200 million for the first time

7 February 2024 — Andrei VICTOR
STATISTICS: Albanian insurers' year-end business expanded to over EUR 200 million for the first time

According to the year-end market figures recently published by Albanian FSA, during January-December 2023 the local insurance market experienced an increase of 8.86% y-o-y to ALL 22.9 billion (~EUR 220 million).

At the same time, the number of policies increased by 10.63% compared to January-December 2022 to 1,466,080. The number of non-life insurance policies was 1,331,409 an increase of 10.90% compared to year 2022, while the number of Life insurance policies was 134,650, an increase by 7.98% y-o-y.

On the main insurance lines of business, the volume of non-life GWP business was ALL 21 billion or 91.8% of total GWP, representing an increase of almost 9% y-o-y. The amount of gross insurance premiums in Life insurance business was ALL 1.9 billion, up by 10.3% y-o-y.

During the analyzed period, the volume of paid claims increased to almost ALL 7 million, up by 1.9% y-o-y (including the payments for Compensation Fund).

The number of claims paid in year 2023 was 63,327 an increase of 4,817 compared to year 2022. Of those, 58,686 claims were paid by Non-Life Insurers and 4,641 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 (44.4% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking – 26.1% market share.

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

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