The insurance market reached ALL 11,624 million for year 2014, or 36.19% more compared to year 2013. During the year 2014, the number of issued insurance contracts reached 1,032,554 showing an increase of 3.69% compared to last year. The market continued to be dominated by Non-Life insurance, which share was 90.93% of the total premium volume. Life insurance market share was 8.83% and Reinsurance was 0.23%. Market shares of voluntary and compulsory insurance gross written premiums were respectively 40.34% and 59.66%.

The total of paid claims during the period year 2014 was about ALL 2,822 million or 4.67% more, compared with year 2013.

Compulsory Motor Insurance

During year 2014, the compulsory motor insurance premiums were over ALL 6,919 million, showing an increase by 78.99% compared with year 2013.

Gross written premiums in Domestic MTPL insurance, increased by 88.85% in year 2014. The number of insurance contracts also increased by 9.60% compared to the last year.

Gross written premiums in Border Insurance, for the year 2014 increased by 50.35%. The number of contracts decreased by 1.26% compared with the year 2013.

Gross written premiums in Green Card insurance, increased by 57.37% in year 2014 compared to the previous year. The number of contracts decreased by 1.23% compared to year 2013.

Voluntary Insurance

Voluntary insurance premiums for the year 2014 were about ALL 4,678 million or 1.34% more than year 2013. The number of insurance contracts increased by 1.54% compared with the last year.

Non-Life voluntary insurance decreased by 0.13% in year 2014 compared with the year 2013.

During the reporting year 2014, total revenues in the portfolios of property, liability and guarantee insurance, were about ALL 2,284 million. The biggest share of this portfolio, with 71.65%, was taken by Fire and other property damage insurance, followed by General liability insurance with about 16.68%.

Gross written premiums in insurance against fire and natural forces portfolio, during the year 2014 increased by 23.38%. The number of contracts also increased by 0.64% compared with year 2013.

Gross written premium volume in accidents and health insurance was about ALL 807 million in year 2014 experiencing an increase by 20.63% compared to year 2013.

Life insurance premiums for year 2014 reached about ALL 1,027 million or 6.93% more than in year 2013.

 

Gross Paid Claims

Payment of claims, during the year 2014, increased by 4.67% compared to the year 2013. Most of the gross paid claims were related to motor insurance, over ALL 2,286 million or 81.03% of total gross paid claims.

The table below illustrates the average claim in main motor insurance products.

                                                                                                             

For further detailed information, the Monthly Statistical Report, year 2014, 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 2014 (in EXCEL version) click here.