Strategic Market Intelligence: Insurance Industry in Albania - Key Trends and Opportunities to 2022
Albania’s GDP growth by end of 2018 could be about 4.2%; this also confirms the upward trend in GDP observed during 2013-2017. In part, growth has been driven by the economic reforms underway, as the country aims for inclusion in the European Union by 2025. In 2018, growth was spurred by a rise in services exports, as well as foreign investment in energy-related projects. Notably, tourism played a key role in the rise of services’ exports in 2018.
As of 2017, the insurance industry GWP was valued at ALL16.1 billion (US$135.3 million); it is projected to reach ALL24.9 billion (US$229.6 million) by 2022. Penetration has grown since 2013, but declined from 1.04% in 2016 to 1.03% in 2017. General insurance segment accounted for over 90% of the total insurance industry size. Within this, retail is the predominant consumer segment, with approximately 80% share in 2017.
Motor insurance was the largest sub-segment of the general insurance’s GWP, followed by property insurance and personal accident and health (PA&H) insurance. Marine, aviation and transit (MAT) insurance registered the highest growth rate among lines of businesses, with a CAGR of 53.9% during 2013-2017. Mandatory insurance classes in professional indemnity insurance, marine liability, aviation liability and motor third party liability insurance supported the industry’s growth.
The report Strategic Market Intelligence: Insurance Industry in Albania - Key Trends and Opportunities to 2022, provides a detailed outlook by product category for the Albanian insurance industry. The report also gives a comprehensive overview of the Albanian economy and demographics, and provides detailed information on the competitive landscape in the country.
It provides values for key performance indicators such as written premium, incurred loss, claims paid, commissions and expenses, combined ratio, total assets, total investment income and net earned premium during the review period (2013-2017) and forecast period (2017-2022) giving insurers access to information on segment dynamics and competitive advantages of insurers operating in the country.
The report provides in-depth market analysis, information and insights into the Albanian insurance industry. Key Inclusions -
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