Insurance Market Expands by 8.92%
Albanian Daily News
Published November 26, 2017
The insurance market reached over Lek 13,076 million during the period January - October 2017, or 8.92% more compared to the period January - October 2016, the Financial Supervisory Authority (FSA) said in a report Friday.
According to FSA, during January - October 2017, the number of issued insurance contracts reached 1,042,340 showing an increase of 15.32 % compared to January - October 2016. The market continued to be dominated by Non-Life insurance, which share was 92.46% of the total premium volume, Life insurance and Reinsurance market share was respectively 7.23% and 0.31% of the total premium volume. Market shares of voluntary and compulsory insurance gross written premiums were respectively 37.88% and 62.12%.
During January - October 2017, the Compulsory Motor insurance premiums were about ALL 8,124 million, showing an increase by 8.59% compared to January - October 2016.
Gross written premiums in Domestic MTPL insurance, increased by 10.20% in the period January - October 2017 compared to the period January - October 2016. The number of insurance contracts also increased by 8.06% compared to the same period in the previous year.
Gross written premiums in Border insurance, in January - October 2017 decreased by 6.28% compared to January - October 2016. The number of contracts increased by 7.48% compared to the same period of the previous year.
Gross written premiums in Green Card insurance, increased by 7.81% in January - October 2017 compared to January - October 2016. The number of contracts also increased by 5.26% compared to the same period in the previous year.
Payment of claims, during January - October 2017, increased by 15.80% compared to the January - October 2016. Most of the gross paid claims were related to Motor insurance, about Lek 2,472 million or 61.69% of total gross paid claims.





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