ALBANIA: Insurance market decreased by almost 10% y-o-y for the first five months of 2020

9 July 2020 — Marina MAGNAVAL
From January to May 2020, the Albanian insurance market amounted to ALL 6.07 billion (~EUR 48.8 million*), 9.99% less y-o-y, the total number of concluded insurance contracts dropping by 26.53%, according to figures published on the website of ASFA (Albanian Financial Supervisory Authority).

Non-life sector generated 93.31% of the market GWP, while the rest 6.69% of premiums came from life insurance. Voluntary insurance classes accounted for 41.41% of the total volume and compulsory - for 58.59%.

Paid claims saw an upward trend, for January-May 2020 jumping by almost 46% in volume, to ALL 3.42 billion. The highest share of paid claims fell on insurance against fire and natural forces, accounting for 50.49% of all claims paid during the period.

* for the following exchange rate:
1 EUR = 124.25 ALL (as of June 1st, 2020)

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