Albanian Financial Supervisory Authority issued a latest report on the revenues collected by gross written premium and the number of new insurance contracts signed during 2014.
Revenues collected by gross written premium reached the amount of 10.437, increasing by 37% in January-November period in 2014 while insurance contracts reached the number of 922.761, increasing by 2.57% compared to the same period in 2013.
Experts say that the market still is orientated towards non-life insurance schemes. Non-life insurance signed contracts during 2014 are estimated to be about 91.09% of the total amount of premiums, while life insurance packages are only 8.65%.
Voluntary gross written premium are estimated to be 41.15% of the total gross written premium, and obligatory gross written premium are 58.85% of the total GWP, currently in the market. The report also shows the paid amounts for damages in the insurance market, estimated at an amount of 2545 million ALL, 6.43% more than in 2013.