STATISTICS: Albanian insurers' business expanded by 10.25% y-o-y in January-June 2022

1 September 2022 — Andrei Victor
STATISTICS: Albanian insurers' business expanded by 10.25% y-o-y in January-June 2022
At the end of June 2022, the Albanian insurance market totaled ALL 9.77 billion (~EUR 82 million), experiencing an increase by 10.25% compared to January - June 2021, official half-year data provided by the Albanian Financial Supervisory Authority (AFSA) showed.

The number of insurance policies increased by 21.08% y-o-y to 566,051, of which 503,951 non-life policies (an increase of 20.04% y-o-y), and 62,089 - life policies, an increase by 30.16% compared to January - June 2021.

According to presented figures, the number of claims paid in January - June 2022 was 30,402, an increase by 3,578 compared to January - June 2021. Of those, 29,076 claims were paid by Non-Life Insurers and 1326 by Life insurers.

Non-Life GWP was ALL 9.02 billion (~EUR 75.8 million), an increase by 10.23% compared to January - June 2021, while the amount of gross insurance premiums in Life insurance business was ALL 738.6 million (EUR 6.2 million), up by 8.97% y-o-y. Reinsurance accepted GWP increased to ALL 11.84 million, representing about 0.12% of total premiums.

During January - June 2022, the total of paid claims was ALL 3.17 billion (~EUR 26.6 million), or 15.2% less y-o-y. Of this total, ALL 2.90 billion was related to non-life claims, ALL 134.65 million represented life indemnities, the remaining ALL 137.34 million being paid claims for Compensation Fund.

Access xprimm.com and download the H1 2022 Albanian insurance market statistics.

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