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Insurance Market Development in Albania for January – April 2010
Gross written premiums reached the amount of about 2,732 million leks, for January-April 2010 or 3 % more than January-April 2009.
Number of insurance contracts signed over January-April 2010 was 189,557 marking a decrease by 17.81 % compared to January-April 2009.
Market continued to be again Non Life oriented which constitutes about 91 % of the overall premiums volume, thus leaving Life Insurance with a share of about 9 %. From the point of view of market structure according to compulsory and voluntary insurances, gross written premiums from voluntary insurance constitute 53 %, while compulsory insurance premiums 47 % of the market premiums. The growth in voluntary premiums has impacted the change of the market structure with the voluntary insurance gaining importance.
Compulsory Insurance
Motor insurance gross written premiums amounted to about 1,278 Million or 13% less compared to the same period of 2009.
Gross written premiums in Border insurance increased by 19.56 % in January-April 2010, while the number of contracts increased by 18.24 % compared with January-April 2009.
Gross written premiums in DMTPL insurance decreased by 2.5% in January-April 2010, and the number of contracts decreased by 0.59 % compared with January-April 2009
Gross written premiums in Green Card insurance experienced a decrease by 41.19 % in January-April 2010, and the number of contracts decreased by 18.46 % compared with January-April 2009
Voluntary Insurance
Within the recent few years, the insurance market improved its structure in favour of voluntary insurance, which during January-April brought 53 % of the overall insurance premiums. Voluntary insurance premiums reached about 1,454 million leks, or 22.77 % more than January-April 2009 and by about 32.61 % decrease in the number of insurance contracts compared to the same period a year earlier.
Non Life voluntary Insurance revenues increased by approximately 24.49 % compared to January-April 2009.In the property, liability and suretyship portfolios with about 870 Million Albanian Leks of total revenues, 44.77 % of gross revenues were recorded in the Fire and damage property insurance, followed by general civil liabilities insurance with 38.36 %.
In January-April 2010, Liability insurance incurred an increase with 52.87 % compared with January-April 2009.
The "Fire and additional risks" portfolio incurred an increase in the insurance contracts with about 8.55 % and a increase of 30.12 % in gross written premiums.
Accidents and Health insurance in January-April 2010 amounted to about 131 Million Albanian Leks, thus marking a decrease of 2.91 % compared to the same period of 2009. Highest percentage was taken up by the "Health in travel insurance" with about 77.27 % of this group revenue.
Life insurance premiums amounted to 238 Million Albanian Leks incurred an increase of 14.72 % compared to January-April 2009.
Gross paid claims
The increase in total gross claims paid was about 31.99 % compared to January-April 2009. The major amount of paid claims belongs to motor insurance with 546 Million Albanian Leks or 86.38 % of the total paid claims.
When looking at the average claim within the classes of the motor insurance, given that this type of insurance takes up the largest share of the claims payment. Meanwhile, an increase in the average claim value in is noticed, as presented in the following table:
In thousand ALL
|
Type of insurance |
January-April |
|
|
2009 |
2010 |
|
|
Average claim |
||
|
DMTPL |
94 |
106 |
|
Green Card |
535 |
1,110 |
|
Casco |
95 |
95 |
For any interested, "Monthly Statistical Report January-April 2010 contains a detailed overview of the structure of the Insurance Market, type of insurances, market share of insurance companies etc.