Insurance Market in Albania for the period January-April 2022

Gross Written Insurance Premiums income during the period January-April 2022 amounted to over ALL 5,841 million, or 9.09% more compared to January-April 2021. In the period January-April 2022, the number of concluded insurance contracts reached 336,139 registering an increase of 24.85% compared to January-April 2021.

The insurance market continued to be oriented towards non-life insurance, which brought 92.12% share of the total premium volume, leaving life insurance with 7.83% share of the total premium volume. Seen from the market segmentation perspective by the following insurance types: compulsory and voluntary, the voluntary insurance written premiums account for 42.93% and compulsory insurance written premiums account for 57.07% of the total market.

In the period January-April 2022, gross paid claims in insurance market amounted to about ALL 2,173 million, or 14.54% less compared to January-April 2021.

During the period January-April 2022, gross paid claims in the motoric insurance reached the value of ALL 1,396 million, with an increase around 1.03% compared with the same period one year before.

1- Compulsory Motor Insurance
Compulsory Motor Insurance Premiums during the period January-April 2022 amounted to about ALL 3,334 million or 13.53% more compared to January-April 2021.

2- Domestic MTPL Insurance Premiums registered an increase by 8.44% of the gross written premium volume in the period of January-April 2022. The number of contracts increased by 7.03% compared to January-April 2021.

3- Green Card Insurance Premiums registered an increase by 53.67% of the gross written premium volume in the period of January-April 2022. The number of contracts increased by 70.63% compared to January-April 2021.

4- Border Insurance Premiums registered an increase by 6.6% of the gross written premium volume in the period of January-April 2022 compared to January-April 2021. The number of contracts increased by 7.77%.

5- Voluntary Insurance
In the period January-April 2022, Voluntary Insurance Premiums amounted to about ALL 2,507 million, or 3.69% less compared to January-April 2021. The number of voluntary insurance contracts increased by 39.71% compared to January-April 2021.

In the period January-April 2022, Voluntary Non -Life Insurance Premiums registered a decrease by 1.06% compared to January-April 2021.

In the period January-April 2022 the Property, Liability and Guarantee portfolios provided over 1,231 million ALL income in total, and the first place was occupied by Fire and Other Property Damages with about 70.96%, followed by General Liability insurance with 21.13% of the total income.

In the period January-April 2022 the insurance Against Fire and Natural Forces portfolio registered a decrease by 6.25% of gross written premium volume of this portfolio and an increase by 4.2% in the number of insurance contracts compared to January-April 2021.

In the period January-April 2022 Accident and Health Insurance income amounted to about ALL 417 million, marking an increase of 18.1% compared to January-April 2021.

In the period January-April 2022, Life insurance premiums amounted to about ALL 458 million, or 16.85% more compared January-April 2021.

*Gross Paid Claims
In the period of January-April 2022 the payment of claims decreased by 14.54% compared to January-April 2021. The highest share of the gross paid claims belongs to Motor Insurance with about AL 1,396 million, or 64.26% of the total gross paid claims.

The following table illustrates the average claims for the main motor insurance products.

For further information, the Statistical Bulletin for the period January-April 2022 contains detailed statistical statements of the insurance market classified by type of insurance, insurance products, participation of insurance companies and other.

Source: Albanian Financial Supervisory Authority