ALBANIA: non-life generated 92% of total GWP in January-August

4 October 2023 — Marina MAGNAVAL
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.

Non-life insurance still dominates the market with a share of 91.98% of the premium portfolio, while life insurance has 7.94% and reinsurance 0.08%. In terms of insurance types, voluntary insurance occupies 40.84% and compulsory makes 59.16% of the total market.

From January to August 2023 total paid claims in the insurance market reached about ALL 4,336 million (~EUR 40 million), or 3.52% more than in January-August 2022. Worth noting that most paid claims were in motor insurance and for the period reached ALL 3,150 million, which means an increase of about 10.26% y-o-y.

Compulsory motor insurance generated about ALL 9,069 million (+7.39%). Domestic MTPL in January-August 2023 saw an increase of 8.55% in GWP, and an increase in the number of contracts by 9.78%. At the same time Green Card premiums rose by 3.26%. This was accompanied by an increase in the number of contracts of 45.38% compared to January-August 2022.

Voluntary insurance during January-August 2023 reached about ALL 6,262 million (+15.19%). The number of voluntary insurance contracts increased by only 0.56% y-o-y. Voluntary non-life insurance had an increase of 17.11% in premiums.

Life insurance during January-August 2023 reached about ALL 1,218 million (+8.08% y-o-y).

*EUR 1 = ALL 108.35 (01.09.2023)