STATISTICS: ALBANIA, 1Q2022: GWP up by 6% y-o-y in Q1 2022; motor insurance classes responsible for 69% of the paid claims

8 June 2022 — Andrei Victor
At the end of March 2022, Albanian insurance market totaled ALL 4.28 billion (EUR 35.19 million), or 5.97% more y-o-y. During Q1 2022, the number of concluded insurance contracts reached 247,576 up by 21.99% compared to January-March 2021, official data provided by the Albanian Financial Supervisory Authority (AFSA) showed.

The insurance market continued to be oriented towards non-life insurance, which brought 92.51% share of the total premium volume, leaving life insurance with 7.45% 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 41.57% and compulsory insurance written premiums account for 58.43% of the total market.

In the period January-March 2022, gross paid claims in insurance market amounted to about ALL 1.45 billion (EUR 12 million), or 27.37% less y-o-y, the decrease mainly reflecting the continuity of payments for compensation from earthquakes at the end of 2019 during January-March 2021. It is worth mentioning, of this total, ALL 1 billion was related to motor insurance classes MoD, Domestic MTPL, Green Card and Border policies, summed.

In terms of premiums, the largest life insurer in the country is Sigal Life Uniqa Group Austria (52.10% market share), while Sigal Uniqa Group Austria is the Top non-life insurer with 26.45% market share.

Access xprimm.com and download the Q1 2022 Albanian insurance market statistics.

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