STATISTICS: Albanian insurers' business expanded to over EUR 100 million in January-June 2023

18 September 2023 — Andrei VICTOR
STATISTICS: Albanian insurers' business expanded to over EUR 100 million in January-June 2023

At the end of June 2023, the insurance market of Albania totaled ALL 11 billion (~EUR 104 million), up by 13% compared to January - June 2022, official half-year data provided by the Albanian Financial Supervisory Authority (AFSA) showed.

The number of insurance policies increased by 12.7% y-o-y to 638,072, of which 571,285 non-life policies - an increase of 13.4% compared to January - June 2022, and 66,773 – life, an increase of 7.5% compared to January - June 2022.

According to presented figures, the number of claims paid in January - June 2023 was 30,526, an increase of 124 compared to January - June 2022. Of those, 28,196 claims were paid by Non-Life Insurers and 2,330 by Life insurers.

Non-Life GWP was ALL 10.1 billion (~EUR 95 million), an increase by 12.3% compared to January - June 2022, while the amount of gross insurance premiums in Life insurance business was ALL 0.9 billion (EUR 8.4 million), up by 21.5% y-o-y. Reinsurance accepted GWP decreased to ALL 7.7 million from ALL 11.8 million, representing about 0.07% of total premiums.

During January - June 2023, the total of paid claims was ALL 3.3 billion (~EUR 31 million), or 3.5% more y-o-y. Of this total, ALL 3 billion were related to non-life claims, ALL 158 million represented life indemnities, the remaining ALL 153 million being paid claims for Compensation Fund.

Access xprimm.com and download the H1 2023 Albanian insurance market statistics.
 

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