Year 2015 ended for the Albanian insurance market with GWP of EUR 102.6 million, 23.7% up y-o-y and a total amount of paid claims of EUR 26.5 million, almost 31% up y-o-y.

Life insurance continues to play only a marginal part in the market overall business profile. In fact, posting a growth rate significantly lower than the whole market's dynamic, of only 2%, the segment saw a decrease in its market share of about 1.5 pp, to 7.3%.

On the non-life insurance side, GWP went up by 26%, to EUR 95 million, almost entirely as a result of the premiums growth on the MTPL class, more precisely on the domestic MTPL line. Thus, DMTPL gross premiums increased by 30% y-o-y, to EUR 61.7 million, the segment's weight in the overall portfolio increasing by over 2 pp.

Property line (fire & allied perils and damages to property) represent all together 13.6% of the market GWP portfolio. However, in absolute terms, the segment remains very small, Albania continuing to witness a large gap in what the properties' insurance coverage is concerned.

Access www.xprimm.com and download the FY2015 Albanian insurance market statistics.