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Shqip
25 January 2018
Albanian Insurance Market Developments for year 2017
The insurance market reached over ALL 16,194 million during year 2017, or 5.38% more compared to year 2016. During year 2017, the number of issued insurance contracts reached 1,261,238 showing an increase of 11.99 % compared to year 2016. The market continued to be dominated by Non-Life insurance, which share was 92.06% of the total premium volume, Life insurance and Reinsurance market share was respectively 7.44% and 0.50% of the total premium volume. Market shares of voluntary and compulsory insurance gross written premiums were respectively 38.48% and 61.52%.
The total of paid claims during year 2017 was about ALL 5,514 million or 15.80% more, compared to year 2016.
Compulsory Motor Insurance
During year 2017, the Compulsory Motor insurance premiums were about ALL 9,963 million, showing an increase by 4.81% compared to year 2016.
Gross written premiums in Domestic MTPL insurance, increased by 5.91% compared to year 2016. The number of insurance contracts also increased by 6.39% compared to the same period in the previous year.
Gross written premiums in Border insurance, in year 2017 decreased by 7.27% compared to year 2016. The number of contracts increased by 5.79% compared to the same period of the previous year.
Gross written premiums in Green Card insurance, increased by 4.39% in year 2017 compared to year 2016. The number of contracts also increased by 3.54% compared to the same period in the previous year.
Voluntary Insurance
Voluntary insurance premiums for year 2017 were about ALL 6,231 million or 6.30% more than the same period last year. The number of insurance contracts increased by 19.09% compared to year 2016.
Non-Life voluntary insurance during year 2017 experienced an increase by 3.02% compared with the same period last year.
During the reporting period, year 2017, the total revenues in the portfolios of property, Liability and Guarantee insurance, were over ALL 2,563 million. The biggest share of this portfolio, with 74.98%, was taken by Fire and other Property Damage insurance, followed by General Liability insurance with about 15.25%.
Gross written premiums of insurance Against Fire and Natural Forces portfolio increased during year 2017 by 3.59% compared with the same period last year. The number of contracts decreased by 5.93% compared to year 2016.
Gross written premium volume in Accidents and Health insurance was about ALL 1,190 million in year 2017, experiencing an increase by 3.77% compared with the same period last year.
Life insurance premiums for year 2017 reached over ALL 1,204 million or 23.15% more than year 2016.
Gross Paid Claims
Payment of claims, during year 2017, increased by 15.80% compared to the year 2016. Most of the gross paid claims were related to Motor insurance, about ALL 3,053 million or 55.36% of total gross paid claims.
The table below illustrates the average claims paid for the main motor insurance products, during year 2017 in comparison to year 2016.
For further detailed information, the Monthly Statistical Report, for year 2017, contains detailed tables and charts on the division of the insurance market by type of insurance, insurance product, insurance company share, etc.
To read the full statistical report material for year 2017 (in EXCEL version) click here.
The total of paid claims during year 2017 was about ALL 5,514 million or 15.80% more, compared to year 2016.
Compulsory Motor Insurance
During year 2017, the Compulsory Motor insurance premiums were about ALL 9,963 million, showing an increase by 4.81% compared to year 2016.
Gross written premiums in Domestic MTPL insurance, increased by 5.91% compared to year 2016. The number of insurance contracts also increased by 6.39% compared to the same period in the previous year.
Gross written premiums in Border insurance, in year 2017 decreased by 7.27% compared to year 2016. The number of contracts increased by 5.79% compared to the same period of the previous year.
Gross written premiums in Green Card insurance, increased by 4.39% in year 2017 compared to year 2016. The number of contracts also increased by 3.54% compared to the same period in the previous year.
Voluntary Insurance
Voluntary insurance premiums for year 2017 were about ALL 6,231 million or 6.30% more than the same period last year. The number of insurance contracts increased by 19.09% compared to year 2016.
Non-Life voluntary insurance during year 2017 experienced an increase by 3.02% compared with the same period last year.
During the reporting period, year 2017, the total revenues in the portfolios of property, Liability and Guarantee insurance, were over ALL 2,563 million. The biggest share of this portfolio, with 74.98%, was taken by Fire and other Property Damage insurance, followed by General Liability insurance with about 15.25%.
Gross written premiums of insurance Against Fire and Natural Forces portfolio increased during year 2017 by 3.59% compared with the same period last year. The number of contracts decreased by 5.93% compared to year 2016.
Gross written premium volume in Accidents and Health insurance was about ALL 1,190 million in year 2017, experiencing an increase by 3.77% compared with the same period last year.
Life insurance premiums for year 2017 reached over ALL 1,204 million or 23.15% more than year 2016.
Gross Paid Claims
Payment of claims, during year 2017, increased by 15.80% compared to the year 2016. Most of the gross paid claims were related to Motor insurance, about ALL 3,053 million or 55.36% of total gross paid claims.
The table below illustrates the average claims paid for the main motor insurance products, during year 2017 in comparison to year 2016.
For further detailed information, the Monthly Statistical Report, for year 2017, contains detailed tables and charts on the division of the insurance market by type of insurance, insurance product, insurance company share, etc.To read the full statistical report material for year 2017 (in EXCEL version) click here.
