TIRANA, Aug 4 /ATA/ – The insurance against fire and natural forces portfolio registered an increase by 32.28% of gross written premium volume in the first six months of 2020 and an increase by 0.77% in the number of insurance contracts compared to January-June 2019, the Albanian Financial Supervisory Authority (AFSA) said in its Insurance Market Developments report for the first half of this year.
According to AFSA, in first six months of 2020, gross paid claims in insurance market amounted to about 4,081 million lek, up by 46.75% compared to January-June 2019.
Gross Written Insurance Premiums income during the period January-June 2020 amounted to over 7,544 million lek, down by 6.66% compared to January-June 2019.
In the period January-June 2020, the number of concluded insurance contracts reached 434,968 registering a decrease of 26.45% compared to January-June 2019.
The insurance market continued to be oriented towards non-life insurance, which brought 93.49% share of the total premium volume, leaving life insurance with 6.49% share of the total premium volume.
The compulsory and voluntary, the voluntary insurance written premiums account for 39.62% and compulsory insurance written premiums account for 60.38% of the total market.
Compulsory Motor insurance Premiums during the period January-June 2020 amounted to about 4,555 million lek, down by 6.73% compared to January-June 2019.
Border Insurance Premiums registered a decrease by 36.15% of the gross written premium volume in the period of January-June 2020 compared to January-June 2019. The number of contracts decreased by 48.22%.
In the period January-June 2020 Voluntary Insurance Premiums amounted to about ALL 2,989 million, or 6.54% less compared to January-June 2019. The number of voluntary insurance contracts decreased by 40.15% compared to January-June 2019.
In the period January-June 2020 Non-Life Insurance contracts registered a decrease of 2% compared to January-June 2019.
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