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The insurance market grew by 19% in the first two months of 2023
According to statistics from the Financial Supervision Authority (AMF), for the period January-February, the gross written premiums in insurance had the value of 3.3 billion lek, an increase of 19.1% compared to the same period a year ago.
Life insurance activity is showing the highest growth rates, with 35.5% compared to the first 2 months of last year. The main impact on this growth was given by the high growth in combined life and group life insurance products, as well as the continued growth of the most important market product, debtor life. However, the number of contracts in the Life insurance activity is decreasing, with 7.1% less compared to the same period last year.
This shows that it is not a question of an increase in the broad-based Life market, but most likely with special contracts that provide liability at relatively high values and that are also reflected in the value of gross written premiums.
Meanwhile, in the Non-Life activity, growth is at the lowest levels, with 17.8% more compared to the same period last year. The highest growth rates in these first months of the year were registered mainly in voluntary insurance products. Fire and natural disasters gross written premiums have increased by 53%, while other property damage insurance premiums have increased by almost 80%. The civil liability insurance class is also showing high growth, with 74%. This class is primarily related to construction liability insurance. Even premiums for guarantee insurance have increased by 51% compared to the first 2 months of last year.
The main product group, that related to third-party motor liability insurance for the first two months of the year is showing a more limited growth, with 8.4% more compared to a year ago. The highest growth rates even this beginning of the year are focused on the Green Card product, with 14.6% more compared to the 2nd month of 2022. This product is related to the mandatory vehicle insurance for trips abroad.
Claims paid by insurers for these two months are also on the rise, with 35.2% more compared to the same period a year ago. The increase has all come from Non-Life activity.
In this segment, some of the products have registered very high increases in claims compared to a year ago. This includes insurance against other property damage, warranty insurance or green card. Very large differences between periods are generally associated with special insurance events in large amounts. Meanwhile, claims showed a decrease in the Life insurance activity and in the part related to the Compensation Fund of the Albanian Insurance Bureau./ Monitor