Albanian insurance companies posted combined gross written premiums of ALL 8.9 billion (EUR 64 million) at the end of 2012, or 7.38% more y-o-y, according to the financial data published by the Albanian Financial Supervisory Authority (FSA). Despite this increase, during FY2012, the number of signed insurance contracts was 1,057,821 or 19% less compared with year 2011. As in the previous reporting periods, the Albanian market continued to be dominated by non-life insurance, whose share was 89.85% of the total premium volume. Life insurance market share was 9.83% (premiums in 2012 reached about ALL 880 million or 17.38% less than in the year 2011), while the reinsurance segment accounted for 0.32% of the total market.
Market shares of compulsory (consisting of mandatory motor insurance, such as MTPL, Green Card and Border Policies) and voluntary insurance (the rest of the market portfolio, including life insurance) were being 51.1% and 48.9%, respectively. At the same time, the total claims paid during the year 2012 was ALL 2.8 billion (EUR 20 million) or 27.68% more y-o-y. Most of the gross claims paid were related to motor insurance, about ALL 2.1 billion or 75.49% of the total gross claims paid.
According to data from the Albanian FSA, the local insurance market is dominated by two Austrian insurance groups: UNIQA Group Austria and VIENNA Insurance Group. On the life insurance segment, the first position is held by SIGAL Life UNIQA Group Austria - a 51.2% market share, while on the non-life insurance segment, the three companies members of VIENNA Insurance Group (SIGMA VIG, INTERALBANIAN VIG and INTERSIG VIG) accounted together for a 33% market share.
Access www.xprimm.com and download the FY2012 Albanian insurance market statistics.
Market indicators (in EUR and ALL):
- GWP
- Claims
- Growth rates
- Portfolio
- Life
- Non-life
- Motor
- Property
- Accidents & Health
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