Open Data Albania is updating data on the insurance market in Albania. This market is a very important part of the financial system. Insurance process includes individuals and businesses that pay insurance premiums to be protected from specific negative events. This market has increased in recent years, mainly due to expansion of vehicles number on the market, the price of premiums to be paid and the number of companies that are part of this market. At the end of 2012, according to data from the Financial Supervision Authority, the value of insurance market, measured by the value of premiums collected by companies in total, amounted to 8.95 billion ALL. This value has increased 138% compared with 2003.
SOURCE: Financial Supervisory Authority
Analysis and comments: ODA
Value (in milion lek)
SOURCE: Financial Supervisory Authority
Analysis and comments: ODA
Life insurance is provided to individuals so in case of their death an individual designated by the insured receives a lot under the contract. While the non-life insurance includes all security services that are not included in life insurance, such as real-estate insurance, health insurance, vehicles, etc.
Life insurance in Albania is low compared to non-life insurance market. In 2012, non-life insurance market stands at 89.85% of total gross written premiums. According to Financial Supervisory Authority, the insurance market growth for 2012 was driven primarily by the dynamic growth of voluntary insurance and especially the non- life sector .
At the end of 2012, eleven insurance companies operated in the sector, of which seven in the non- life insurance market, two life insurance societies, one society with activity in life insurance and non-life and another insurance company with activities in the non-life and re-insurance. Over the past year the number of companies that conduct insurance activity in Albania grew by licensing another company that operates in the non-life insurance market of.
Sigal Uniqa Group led the market with 30.33% of gross written premiums.
SOURCE: Financial Supervisory Authority
Analysis and comments: ODA
While the life insurance activity was exercised from Sigal Life Uniqa Group Austria, Insig dhe SiCRED.
SOURCE: Financial Supervisory Authority
Analysis and comments: ODA
If we calculate the insurance payment per capita for 2012, the value of the premiums paid for each individual turns to 3,172 ALL, approximately 22.81 euros. From this amount, 312 ALL was spent on life insurance and 2,850 ALL in non- life insurance.