The Albanian insurance market grew significantly in 2024, with gross written premiums reaching ALL 24.505 billion (EUR 249.67 million), 7.02% up y-o-y. Additionally, the number of insurance contracts grew by 8.84%, totaling 1,595,687 contracts for the year, data from the Albanian Financial Supervisory Authority (ASFA) show.

The Albanian market remains dominated by Non-Life Insurance, which accounted for 91.51% of the total premium volume. Life Insurance contributed 8.45%, while reinsurance accounted for a modest 0.043%.

From the perspective of compulsory versus voluntary insurance, compulsory insurance made up 61.45% of gross written premiums, while voluntary insurance accounted for 38.55%.

Gross claims paid by the insurance sector in 2024 totaled ALL 8.656 billion (EUR 88.2 million), reflecting a substantial 24.38% increase compared to 2023. Motor insurance claims dominated, amounting to 6.239 billion ALL, representing 72.07% of total claims and a remarkable 30.17% growth from the previous year.

Premiums from compulsory motor insurance reached approximately ALL 15.058 billion (EUR 153.42 million), an increase of 7.71% over 2023.
 

• Domestic MTPL Insurance saw a 9.27% rise in gross written premiums and a 9.06% increase in contract numbers.
• The Green Card product recorded a 3.03% growth in premium volume and a notable 20.34% increase in contracts.
• Conversely, Border Insurance saw a 9.47% decline in gross premiums and a 9.31% drop in contracts compared to 2023.

Voluntary Insurance

Voluntary insurance premiums reached ALL 9.447 billion, reflecting a 5.94% y-o-y increase. The number of voluntary insurance contracts grew by 5.24% during the same period.
 

• Non-Life voluntary insurance premiums increased by 4.58%.
• In the Property, Liability, and Guarantees portfolios, which generated a combined total of 3.908 billion ALL, the Fire and Other Property Damage segment led with 66.82%, followed by General Liability Insurance with 21.83%.

The Fire and Natural Forces portfolio showed a 4.33% increase in gross written premiums and a 3.04% rise in contracts.

Accident and Health insurance revenues amounted to 1.392 billion ALL, growing by 1.45% compared to 2023.

Life insurance premiums rose to ALL 2.070 billion, marking an impressive 11.36% growth year-on-year.

Overall claims payments increased by 24.38% in 2024 compared to 2023, with motor insurance accounting for the majority:
 

• Domestic MTPL Insurance: Average claim decreased by 7.11%, from ALL 168,000 in 2023 to ALL 156,000 in 2024.
• Green Card Insurance: Average claim surged by 68.35%, reaching ALL 891,000.
• Casco Insurance: Average claim dropped by 12.85%, falling to ALL 113,000.

Access xprimm.com and download the latest Albanian insurance market statistics (in EUR and ALL).