STATISTICS: Compulsory motor insurance pushed up the ALBANIAN market by 36.2% in 2014

30 January 2015 — Vlad BOLDIJAR
Albanian insurers reported gross written premiums of ALL 11.6 billion (EUR 83 million) at the end of 2014, or 36.2% more y-o-y, being strongly influenced by the positive growth rates recorded by the three compulsory motor classes: DMTPL (+89%), Green Card (+57%) and Border policies (+50%). At the same time, the aggregate value of paid claims was approximately ALL 2.8 billion (EUR 20 million) or 4.7% more compared with FY2013, according to the financial data published by the Albanian Financial Supervisory Authority (AFSA). "The number of issued insurance contracts reached 1,032,554 showing an increase of 3.69% compared to last year", the AFSA said in a statement published on its website.

The Albanian insurance industry continued to be dominated by non-life segment, which accounted for 90.9% of the total GWP. Life insurance accounted for 8.8% of the market and re-insurance held a 0.2% share. The shares of compulsory (consisting of mandatory motor insurance, such as DMTPL, Green Card and Border Policies) and voluntary insurance (the rest of the market portfolio, including life insurance) were 59.7% and 40.3%, respectively.

According to AFSA statistics, on the life insurance segment, the first position was held by SIGAL Life UNIQA Group Austria - with 64.5% market share, while on the non-life insurance segment, the largest insurer was SIGAL UNIQA which accounted for almost 29% market share.

Access and download the FY2014 Albanian insurance market statistics.

Market indicators (in EUR and ALL):
  • GWP
  • Claims 
  • Growth rates
  • Portfolio
Market rankings (in EUR and ALL) - GWP/Claims/Growth rates/Market shares:
  • Life
  • Non-life
  • Motor/DMTPL/Green Card
  • Property
  • Accidents & Health

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