TIRANA, Sept 24 /ATA/ – Albania’s insurance market rose around 18% year-on-year in the first half of 2021, mainly because of an increase in the volume of gross written premiums, according to central bank.
The Bank of Albania said Friday that the gross written premiums, with the non-life insurance premiums accounting for 93% of the total, which represent the main source of funding the insurance companies, rose 16% in annual terms, while the settled insurance claims fell by about 11%.
A total of 12 licensed insurance companies operate in the domestic market that perform life insurance (4 companies) and non-life insurance activities (8 companies).
The assets of these insurance companies recorded an annual decrease of about 2% to 38 billion lek, mainly because of the contraction of technical insurance provisions. Investments in banks continue to make for the main share (about 32%) in the performance of the insurance companies.
Investments in government securities in the form of treasury bills and cash in banks registered an upward trend in the first half of the year. Some 9 active investment funds operate in the Albanian financial system.
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