STATISTICS: Albanian insurers' GWP expanded by 9.5% y-o-y during the first three quarters

24 November 2022 — Andrei Victor
Albanian insurance market posted January-September 2022 GWP of ALL 15.50 billion (~EUR 133 million), or 9.5% more y-o-y, according to the 3Q2022 figures published on the website of the local financial supervisory authority - AFSA.

During the analyzed period, the number of concluded insurance contracts reached 981,393 being reported an increase of 15.5% compared to January-September 2021.

The insurance market continued to be oriented towards non-life insurance subclasses, which brought 91.83% share of the total premium volume, leaving life insurance with 8.08% share of the total premium volume., the remaining 0.08% being accounted by the business accepted in reinsurance.

Seen from the other market segmentation perspective - compulsory vs. voluntary, the voluntary insurance written premiums account for 38.44% while mandatory insurance written premiums account for 61.56% of the total market.

In the period January-September 2022, gross paid claims in insurance market amounted to about ALL 4.8 billion (~EUR 41 million), or 7.7% less y-o-y, the largest share being reported on non-life motor subclasses (MoD, MTPL, Border and Green Card, summed): ~ALL 3.3 billion or about 69% of total payments.

The statistics published by the Albanian FSA include the 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 (46.3% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking - 27.5% market share.

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

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