MTPL remains the most important product sold on the market, while on the life insurance side, debtors' life is the main product, where banks are the beneficiaries. According to Enkeleda SHEHI, Chairperson for the Albanian FSA, "in terms of potential for future growth, health and life insurance have shown to have a high potential for growth in the last years. However, it should be noted that the low penetration on the market (0.67%) could be interpreted as an indication that the market is not only underserved and operating far from its potential, but also in general it presents opportunities to unlock in the future, especially in property, life and health insurance."Looking to the near future and the potential changes which could occur on the Albanian market, the FSA official told Xprimm that "there are two major draft-laws in the insurance industry that are awaiting approval by the parliament: the insurance and reinsurance law and the compulsory insurance law in the field of transport, which also covers MTPL. The main impact these laws will have on the insurance industry will be the introduction of risk-focused supervision of insurance companies by the Albanian FSA and the bonus-malus system in MTPL pricing."
Read more about the Albanian market's evolution in 1H2013 in the forthcoming edition of XPRIMM Insurance Report - CEE, Russia&CIS, SE 1H2013, to be released on October 20th, on the occasion of the XPRIMM Reception in Baden-Baden.
Access www.xprimm.com and download the 1H2013 Albanian insurance market statistics.
Market indicators (in EUR and ALL):
- GWP
- Claims
- Growth rates
- Portfolio
- Life
- Non-life
- Motor
- DMTPL
- Green Card
- Property
- Accidents & Health
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