STATISTICS: ALBANIA, 1H2020: Insurers' January-June GWP compressed by 6.7% y-o-y

13 August 2020 — Andrei Victor
According to the six months 2020 market statistics published by Albanian Financial Supervisory Authority (AFSA), the gross written premiums of Albanian insurers amounted to over ALL 7.54 billion (~EUR 60.67 million*), or 6.66% less compared to January-June 2019.

At the same time, the number of concluded insurance contracts reached 434,968 registering a decrease of 26.45% compared to January-June 2019.

The insurance market continued to be oriented towards non-life insurance, which brought 93.49% share of the total premium volume, leaving life insurance with 6.49% share of the total premium volume.

Seen from the market segmentation perspective by the following insurance types: compulsory and voluntary, the voluntary insurance written premiums account for 39.62% and compulsory insurance written premiums account for 60.38% of the total market.

In the period January-June 2020, gross paid claims in insurance market amounted to about ALL 4.08 billion, or 46.75% more compared to January-June 2019.

The statistics provided by the Albanian FSA include the financial figures from 12 insurance companies operating in the country: four life insurers and eight non-life.

The largest insurers in the country in terms of GWP were the two local subsidiaries of Austrian UNIQA. SIGAL LIFE UNIQA was the top life insurer (56.51% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking - 26.48% market share.

* for the following exchange rates:
1 EUR = 124.34 Lek - ALL (June 30th, 2020)
1 EUR = 122.65 Lek - ALL (June 30th, 2019)

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

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