11/26/2021 | Press release | Archived content
Gross Written Insurance Premiums income during the period January-October 2021 amounted to over ALL 15,741 million, or 16.48% more compared to January-October 2020. In the period January-October 2021, the number of concluded insurance contracts reached 952,992 registering an increase of 21.34% compared to January-October 2020.
The insurance market continued to be oriented towards non-life insurance, which brought 92.56% share of the total premium volume, leaving life insurance with 7.28% share of the total premium volume. Seen from the market segmentation perspective by the following insurance types: compulsory and voluntary, the voluntary insurance written premiums account for 38.91% and compulsory insurance written premiums account for 61.09% of the total market.
In the period January-October 2021, gross paid claims in insurance market amounted to about ALL 5,591 million, or 9.71% less compared to January-October 2020, mainly affected by the payment of most of the compensations for the earthquakes at the end of 2019 during the last year.
During the period January-October 2021, gross paid claims in the motoric insurance reached the value of ALL 3,333 million, with an increase around 31.67% compared with the same period one year before.
Compulsory Motor Insurance
Compulsory Motor Insurance Premiums during the period January-October 2021 amounted to about ALL 9,616 million or 12.77% more compared to January-October 2020.
Domestic MTPL Insurance Premiums registered an increase by 7.99% of the gross written premium volume in the period of January-October 2021. The number of contracts increased by 9.72% compared to January-October 2020.
Green Card Insurance Premiums registered an increase by 27.78% of the gross written premium volume in the period of January-October 2021. The number of contracts increased by 57.65% compared to January-October 2020.
Border Insurance Premiums registered an increase by 137.73% of the gross written premium volume in the period of January-October 2021compared to January-October 2020. The number of contracts increased by 165.09%.
Voluntary Insurance
In the period January-October 2021, Voluntary Insurance Premiums amounted to about ALL 6,125 million, or 22.83% more compared to January-October 2020. The number of voluntary insurance contracts increased by 18.10% compared to January-October 2020.
In the periodJanuary-October 2021, Voluntary Non-Life Insurance Premiumsregistered an increase by 21.89% compared to January-October 2020.
In the period January-October 2021 theProperty, Liability and Guarantee portfolios provided over 2,893 million ALL income in total, and the first place was occupied byFire and Other Property Damageswith about 61.49%, followed by General Liability insurance with 28.79% of the total income.
In the period January-October 2021 the insuranceAgainst Fire and Natural Forces portfolioregisteredan increase by 34.55% of gross written premium volume of this portfolio and an increase by 9.99% in the number of insurance contracts compared to January-October 2020.
In the period January-October 2021 Accident and Health Insurance income amountedto about ALL 1,009 million, marking an increase of 12.49% compared to January-October 2020.
In the period January-October 2021, Life insurance premiums amounted to about ALL 1,146 million, or 24.50% more compared January-October 2020.
*[1]Gross Paid Claims
In the period of January-October 2021 the payment of claims decreased by 9.71% compared to January-October 2020. The highest share of the gross paid claims belong insurance Motor Insurance with about AL 3,333 million, or 59.61% of the total gross paid claims.
The following table illustrates the average claims for the main motor insurance products.
Item | Values (in ALL 000) | Change | |
(in %) | |||
January - October | 2020 | 2021 | 21 / 20-1 ' |
Average Claims | |||
Domestic MTPL | 175 | 181 | 3.28 |
Green Card | 669 | 918 | 37.21 |
Casco | 105 | 118 | 12.85 |