STATISTICS: Albanian insurers posted double digit increase in H1 business

16 August 2021 — Andrei Victor
STATISTICS: Albanian insurers posted double digit increase in H1 business
According to the H12021 market statistics published by Albanian Financial Supervisory Authority (AFSA), the gross written premiums of Albanian insurers amounted to over ALL 8.86 billion (~EUR 72.28 million), or 17.53% more compared to January-June 2020.

At the same time, the number of concluded insurance contracts reached 467,511 registering an increase of 7.48% compared to January-June 2020.

The insurance market continued to be oriented towards non-life insurance, which brought 92.34% share of the total premium volume, leaving life insurance with 7.65% share of the total premium volume., as AFSA representatives pointed out in a statement published on its website.

Seen from the market segmentation perspective by the following insurance types: compulsory and voluntary, the voluntary insurance written premiums account for 42.68% and compulsory insurance written premiums account for 57.32% of the total market.

In the period January-June 2021, gross paid claims in insurance market amounted to about ALL 3.74 billion (EUR 30.50 million), or 8.30% less compared to January-June 2020. It is worth mention, during the analyzed period, gross paid claims in the motor insurance classes (MoD, Domestic MTPL, Green Card, border and other motor LoBs) reached the value of ALL 2.07 billion (EUR 16.92 million), with an increase around 51.13% compared with the same period one year before.

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 (56.40% market share), while SIGAL UNIQA ranked first in the non-life insurance ranking - 27.21% market share.

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

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