Albania

1000px-Flag_of_Albania
Flag



alb_OCHA%401000
Location map
author: OCHA/ ReliefWeb


Location:
- Southeastern Europe, bordering the Adriatic Sea and Ionian Sea;
- Neighbours: Greece, Montenegro, Kosovo, Serbia, Macedonia.

Climate:
- mild temperate; - cool, cloudy, wet winters;
- hot, clear, dry summers;
- interior is cooler and wetter.

Natural hazards:
- destructive earthquakes;
- tsunamis occur along southwestern coast;
- floods;
- drought.

Macro indicators
* 2018 estimates
Surface:28,748km2
Population*:2.9million
Pop. density*:99.8people/km2
GDP*:13.4EUR billion
GDP/capita*:4,648.9EUR

European Union:
Official candidate

Currency: Lek
Code: ALL
Since: 1926


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:7%
TOTAL NON-LIFE*:93%
Overall Property*:12%
Overall Motor*:68%


Sources:


 

STATISTICS: Albanian insurers’ end-March 2024 business increased to over EUR 50 million

Albanian insurance market posted Q1 2024 GWP of ALL 5.2 billion (~EUR 50.8 million), or 1.7% more y-o-y, according to the quarterly figures published on the website of the local financial supervisory authority - AFSA. 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.









STATISTICS: ALBANIA, 1Q 2023: strong growth driven by the motor insurance segment

Albanian insurers recorded GWP worth EUR 45.42 million in Q1 2023, up by 29% y-o-y. In the same period, paid claims rose by 18.3% y-o-y, to EUR 14.23 million. However, one should note that due to the Albanian currency appreciation vs. the precedent year, the growth rates in European currency are significantly higher than those calculated with the premiums and paid claims values denominated in Albanian Lek.