The insurance market reached over 1,375 million during January 2020, or 9.63% more compared to January 2019. During January 2020, the number of issued insurance contracts reached 101,420 showing an increase of 10.04% compared to January 2019. The market continued to be dominated by Non-Life insurance, which share was 93.06% of the total premium volume, Life insurance market share was 6.94% of the total premium volume. Market shares of voluntary and compulsory insurance gross written premiums were respectively 37.17% and 62.83%.

The total of paid claims during January 2020 was about ALL 752 million or 103.52% more, compared to January 2019.

Insurance market structure, January 2020

The chart above shows the total volume of gross written premiums by main groups.




Compulsory Motor Insurance

During January 2020, the Compulsory Motor insurance premiums were about ALL 864 million, showing an increase by 9.58% compared to January 2019.

Gross written premiums in Domestic MTPL insurance, increased by 7.49% in January 2020 compared to January 2019. The number of insurance contracts also increased by 8.78% compared to the previous year.

Gross written premiums in Green Card insurance, increased by 21.00% in January 2020 compared to January 2019. The number of contracts increased by 28.29% compared to the same period in the previous period January 2019.

Gross written premiums in Border insurance, in January 2020 increased by 16.23% compared to January 2019. The number of contracts also increased by 13.64% compared to the same period of the previous year.


Voluntary Insurance

Voluntary insurance premiums for January 2020 were about ALL 511 million or 9.70% more than the same period last year. The number of insurance contracts decreased by 6.2% compared to January 2019.

Non-Life voluntary insurance during January 2020 experienced an increase by 11.59% compared with January 2019.

During the reporting, January 2020, the total revenues in the portfolios of property, Liability and Guarantee insurance, were over ALL 227 million. The biggest share of this portfolio, with 62.76%, was taken by Fire and other Property Damage insurance, followed by General liability insurance with about 27.75%.

Gross written premiums of insurance Against Fire and Natural Forces portfolio, during January 2020 decreased by 1.45% compared with the same period last year. The number of contracts increased by 22.40% compared to January 2019.

Gross written premium volume in Accidents and Health insurance was about ALL 112 million in January 2020, experiencing an increase by 10.38% compared with the same period last year.
 
Life insurance premiums for January 2020 reached over ALL 96 million or 6.56% more than January 2019.
 

*[1]Gross Paid Claims

Payment of claims, during January 2020, increased by 103.52% compared to January 2019. Most of the gross paid claims were related to Insurance against fire and natural forces, about ALL 406 million 57.81% of total Non-Life gross paid claims.

The table below illustrates the average claims paid for the main motor insurance products, during January 2020 in comparison to January 2019.
                                                                                                           

Type of Insurance	Value (in thousand ALL)		Change
			(in %)
January	2019	2020	20/`19-1
Average Paid Claim
Domestic MTPL	209	119	(43.23)
Green Card	508	325	(35.97)
Casco	68	95	39.87

For further detailed information, the Monthly Statistical Report, for January 2020, 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 monthly statistical report (in Excel version) for January 2020, please click here.