Albania
STATISTICS: ALBANIA, 3Q2024: double digit growth both in local and European currency
In the first three quarters of 2024, gross written premiums (GWP) in Albania's insurance market reached ALL 18,288 million, marking a 7.36% increase y-o-y. In European currency, the appreciation of the Albanian Lek against Euro, the market growth was of 15.9%, to EUR 185.15 million.
14 November 2024ALBANIA: In January-August, total GWP rose 6.64% y-o-y, while paid claims increased by 29%
In January-August 2024 the insurance sector in Albania increased 6.64% y-o-y to ALL 16.3 billion (EUR 165.5 million), SeeNews writes.
9 October 2024STATISTICS: ALBANIA, 1H2024: Motor insurance classes remained the market trend setters
Albanian insurers wrote gross premiums worth EUR 118.43 million, 14.12% up y-o-y. The double-digit growth rate is partly owed to the about 6% appreciation of the Albanian Lek. In local currency, the market growth was 7.55%.
9 September 2024STATISTICS: 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.
20 June 2024Mimoza Kaçi is the new General Executive Director of the Albanian FSA
The Assembly of Albania approved in April the appointment of Mrs. Mimoza Kaçi, member of the Board of the Financial Supervision Authority, in the position of General Executive Director.
16 May 2024STATISTICS: 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).
7 February 2024STATISTICS: Albanian insurers’ 3Q2023 business expanded by 10% y-o-y
Albanian insurance market posted January-September 2023 GWP of ALL 17.0 billion (~EUR 160 million), or 9.9% more y-o-y, according to the 3Q2023 figures published on the website of the local financial supervisory authority - AFSA.
14 November 2023ALBANIA: impact of storm Ciaran emphasizes once again the low housing insurance coverage in the country
As the storm "Ciaran" caused heavy rains and therefore floods throughout Albania, the local insurers’ association brought once again to the attention the issue of the low insurance coverage of the Albanian homes.
8 November 2023Albanian Insurers’ Association criticize Albanian government’s draft low on mandatory housing insurance: “The state is a supervisor and regulator, not an actor”
The Albanian government's draft law on ”Mandatory insurance of housing against earthquakes” continues to be the subject of discussions in the local market, the Association of Insurers of Albania raising several objections to the draft law’s provisions.
1 November 2023ALBANIA: non-life generated 92% of total GWP in January-August
Premium income from January to August 2023 in Albania amounted to ALL 15,331 million (~EUR 141 million), or 10.44% more y-o-y. The number of concluded insurance contracts increased by 11.97%, the Albanian Financial Supervisory Authority (AFSA) informed.
4 October 2023STATISTICS: Albanian insurers' business expanded to over EUR 100 million in January-June 2023
At the end of June 2023, the insurance market of Albania totaled ALL 11 billion (~EUR 104 million), up by 13% compared to January - June 2022, official half-year data provided by the Albanian Financial Supervisory Authority (AFSA) showed.
18 September 2023ALBANIA: about 72% of total paid claims amount is motor insurance
GWP for January-May 2023 amounted to ALL 8,959 million (~EUR 81.91 million), which is 15.29% more y-o-y. During the reporting period, the number of concluded insurance contracts reached 505,098 with an increase of 13.36%, the Albanian Financial Supervisory Authority (AFSA) informed.
29 June 2023STATISTICS: ALBANIA, 1Q 2023: strong growth driven by the motor insurance segment
Albanian insurers recorded GWP worth EUR 45.42 million in Q1 2023, up by 29% y-o-y. In the same period, paid claims rose by 18.3% y-o-y, to EUR 14.23 million. However, one should note that due to the Albanian currency appreciation vs. the precedent year, the growth rates in European currency are significantly higher than those calculated with the premiums and paid claims values denominated in Albanian Lek.
18 May 2023ALBANIA: in January-February the market grew by 19%
In January-February 2023 GWP of Albanian insurers increased by 19.07% y-o-y to ALL 3.29 billion (EUR 29 million), SeeNews reports citing the official figures.
6 April 2023STATISTICS: Albanian insurers' GWP rise by more than 9% y-o-y in 2022 to EUR 184 million
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.
9 February 2023STATISTICS: Albanian insurers' GWP expanded by 9.5% y-o-y during the first three quarters
Albanian insurance market posted January-September 2022 GWP of ALL 15.50 billion (~EUR 133 million), or 9.5% more y-o-y, according to the 3Q2022 figures published on the website of the local financial supervisory authority - AFSA.
24 November 2022STATISTICS: Albanian insurers' business expanded by 10.25% y-o-y in January-June 2022
At the end of June 2022, the Albanian insurance market totaled ALL 9.77 billion (~EUR 82 million), experiencing an increase by 10.25% compared to January - June 2021, official half-year data provided by the Albanian Financial Supervisory Authority (AFSA) showed.
1 September 2022STATISTICS: ALBANIA, 1Q2022: GWP up by 6% y-o-y in Q1 2022; motor insurance classes responsible for 69% of the paid claims
At the end of March 2022, Albanian insurance market totaled ALL 4.28 billion (EUR 35.19 million), or 5.97% more y-o-y. During Q1 2022, the number of concluded insurance contracts reached 247,576 up by 21.99% compared to January-March 2021, official data provided by the Albanian Financial Supervisory Authority (AFSA) showed.
8 June 2022Albanian FSA joins IAIS cooperation and information exchange agreement
The Albanian Financial Supervisory Authority (AFSA) has become a member of the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU) - an international supervisory cooperation and information exchange agreement.
2 May 2022ALBANIA: in the first two months of the year, non-life recorded a decrease, while life insurance grew
In January-February 2022, GWP of Albanian insurers decreased by 0.82% y-o-y, reaching ALL 2.8 billion (EUR 22.7 million), SeeNews reports citing official figures.
5 April 2022
