Insurance Market Developments in Albania – 2016

During year 2016 the insurance market experienced an increase by 9.64% compared to year 2015. Gross insurance premiums amount to ALL 15,446,218 thousand, increasing by ALL 1,358,522  thousand.

The number of insurance policies reached 1,126,233 which indicate an increase 2.66% compared to the year 2015.

Gross insurance premiums in Non-Life insurance business reached the value of ALL 14,384,340 thousand, which indicate an increase by 10.25% compared with the year 2015.

The number of Non-Life insurance policies reached 1,012,595 which are 2.97% more than the year 2015.

Gross insurance premiums in Life insurance business reached the value of ALL 977,932 thousand, which indicate an decrease 4.82% compared to the year 2015.

The number of Life insurance policies reached 113,611 which indicate an decrease by 0.06% compared to the year 2015.

During the year 2016, the paid claims are in the amount of ALL 4,276,089 thousand, or 17.54% more than the year 2015.

In the year 2016, there is an increase of 2,157 in the number of paid claims, which reached the number of 31,415 paid claims. The Non-Life insurers paid 30,272 claims and Life insurers paid 1,143 claims.

Source: Albanian Financial Supervisory Authority

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