For the first six months of the current year, Albanian insurers reported gross written premiums of ALL 5.32 billion (~EUR 38 million), 34.6% more y-o-y, the official statistics published by Albanian Financial Supervisory Authority (AFSA) indicated. The number of new insurance contracts decreased by 1.34% y-o-y to 447,244 through June, AFSA noted in a statement.

The market continued to be dominated by non-life insurance, which accounted for 89.3% of the total premium volume. Life insurance accounted for 10.2% of the market, while re-insurance held a 0.5% share. At the same time, the claims paid by Albanian insurers decreased by 2.44% on the year to ALL 1.32 billion (~EUR 9.4 million) in the first half of the year.

The upward trend of the insurance market was due the 70.18% increase to almost ALL 2.89 billion (~EUR 20.4 million) reported by the compulsory motor insurance classes (DMTPL, Green Card and Border policies, included). The share of these three types of insurances increased from 43% in 1H2013 to almost 54% in 1H2014. The explanation for this trend is the increase in tariffs, and not by increasing the number of issued insurance contracts: In 1H2014 the number of insurance contracts decreased by 1.31% in case of DMTPL policies, by 2.01% (Border insurance) and by 9.48% in case of Green Card insurance.

Access www.xprimm.com and download the 1H2014 Albanian insurance market statistics.

• Market indicators (in EUR and ALL) - GWP & CLAIMS portfolio, growth rates
• Life/non-life/motor/DMTPL/Green Card/Property/A&H market rankings (in EUR and ALL) - GWP/Claims/Growth rates/Market shares