Gross Written Insurance Premiums income during January – February 2024 amounted to over ALL 5,227 million, or 1.68% more compared to January - March 2023. In January - March 2024, the number of concluded insurance contracts reached 310,847 registering an increase of 8.96% compared to January - March 2023.

The insurance market continued to be oriented towards non-life insurance, which brought 90.99% share of the total premium volume, leaving life insurance with 8.93% share of the total premium volume and reinsurance with 0.076 % 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 42.30% and compulsory insurance written premiums account for 57.70% of the total market.

In January - March 2024, gross paid claims in insurance market amounted to about ALL 1,996 million, or 23.88% more compared to January - March 2023.

During January - March 2024, gross paid claims in the motoric insurance reached the value of ALL 1,358 million, with an increase around 17.57% compared with the same period one year before.

Insurance market structure, January - March 2024                                

Compulsory Motor Insurance

Compulsory Motor Insurance Premiums during January - March 2024 amounted to about ALL 3,016 million or 9.82% more compared to January - March 2023.

Domestic MTPL Insurance Premiums registered an increase of 11.42% of the gross written premium volume in January - March 2024. The number of contracts increased by 11.11% compared to January - March 2023.

Green Card Insurance Premiums registered an increase of 1.28% of the gross written premium volume in of January - March 2024. The number of contracts increased by 23.11% compared to January - March 2023.

Border Insurance Premiums registered an increase by 8.91% of the gross written premium volume in of January - March 2024 compared to January - March 2023. The number of contracts increased by 12.82%.

Voluntary Insurance

In January - March 2024, Voluntary Insurance Premiums amounted to about ALL 2,211 million, or 7.66% less compared to January - March 2023. The number of voluntary insurance contracts decreased by 1.31% compared to January - March 2023.

In January - March 2024, Voluntary Non -Life Insurance Premiums registered a decrease by 11.99% compared to January - March 2023.

In January - March 2024 the Property, Liability and Guarantee portfolios provided over 900 million ALL income in total, and the first place was occupied by Fire and Other Property Damages with about 67.18%, followed by General Liability insurance with 24.33% of the total income.

In January - March 2024 the insurance Against Fire and Natural Forces portfolio registered an increase by 26.95% of gross written premium volume of this portfolio and an increase by 3.51% in the number of insurance contracts compared to January - March 2023.

In January - March 2024 Accident and Health Insurance income amounted to about ALL 385 million, marking an increase of 15.76% compared to January - March 2023.

In January - March 2024, Life insurance premiums amounted to about ALL 467 million, or 12.28% more compared January - March 2023.

*[1]Gross Paid Claims

In January - March 2024 the payment of claims increased by 23.88 % compared to January - March 2023. The highest share of the gross paid claims belongs to Motor Insurance with about AL 1,358 million, or 68.06% 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 January - March 2024 contains detailed statistical statements of the insurance market classified by type of insurance, insurance products, participation of insurance companies and other.

To read the full statistical report (in Excel version) for January - March 2024, please click here.