The Albania Financial Services Authority published statistics on Albania’s insurance market for 2024, reporting gross written premiums of ALL 24,505 million, up 7.03% from 2023, and 1,595,687 insurance contracts, up 8.84%. Gross claims paid reached about ALL 8,656 million, an increase of 24.38%. Non-life insurance continued to dominate premium volume with a 91.51% share, while life insurance accounted for 8.45% and reinsurance for 0.043%. Compulsory insurance represented 61.45% of total gross written premiums and voluntary insurance 38.55%. In compulsory motor insurance, premiums totalled about ALL 15,058 million, up 7.71%, with domestic MTPL premiums up 9.27% and policy count up 9.06%, Green Card premiums up 3.06% with contracts up 20.34%, and border insurance premiums down 9.44% with contracts down 9.31%. Motor insurance also accounted for the majority of claims paid at about ALL 6,239 million (72.07% of total), up around 30.17%, while average claims (in thousands of ALL) moved from 168 to 156 for domestic MTPL, 530 to 892 for Green Card, and 130 to 113 for casco. The release points to a detailed 2024 Statistical Bulletin (including breakdowns by insurance type, product, and insurers’ market participation) and notes that paid-claims figures include Compensation Fund-related claims reported by the Albanian Insurance Bureau.
Albania Financial Services Authority 2025-01-24
Albania Financial Services Authority publishes 2024 insurance market statistics with premiums up 7% and paid claims up 24%
The Albania Financial Services Authority reported a 7.03% increase in gross written premiums for 2024, totaling ALL 24,505 million, with 1,595,687 insurance contracts, up 8.84%. Non-life insurance dominated with a 91.51% share, while compulsory insurance accounted for 61.45% of total premiums. Motor insurance claims were the highest at ALL 6,239 million, representing 72.07% of total claims paid.