TIRANA, May 26 – Albania’s insurance market returned to positive growth rates last April after slightly contracting in the year’s first quarter. Data published by the country’s Financial Supervisory Authority shows insurance premiums in the first four months of this year grew by an annual 1.5 percent to 4.2 billion lek (€30 million) fuelled by a slight recovery in compulsory motor insurance, which accounts for two-thirds of the market.
Paid claims in the insurance market also rose by 10 percent to 1.1 billion lek (about €8 million) in the first four months of this year.
Insurance rates have slightly increased this year after the tax on insurance premiums was raised to 10 percent, up from a previous 3 percent.
Albania’s non-life and compulsory insurance oriented insurance market grew by 21 percent in 2015 and by 36 percent in 2014 after a 4.6 percent annual decline in 2013.
Some ten insurance companies operate in Albania, including recently privatized INSIG operator. Last March, Albanian-owned Eurosig won a tender to purchase state-run insurance company INSIG for €15.8 million. The acquisition increased the insurer’s market share to 20 percent.
