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Albania

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Albania

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Albania Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Albania includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Albania can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Market Profiles Insight Compliance Global Statistics Regulatory Alerts Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)

GMT+2
Tirana
ALL
3.86 mn
2.30%
1.65%
138.53
1.02

Albania was part of the Ottoman Empire from 1385 and achieved independence only in 1912. After World War 2 the country was subjected to the most extreme form of communism experienced by many European nations. 

The Albanian insurance market has developed only since the fall of the Communist regime in 1991. The position today is that the industry is professionally regulated, there is a comprehensive insurance law and the number of foreign equity participants in the market is increasing. Compulsory MTPL still accounts for the majority of market volumes.

Albania has one of the smallest insurance markets in the world. In 2019 total non-life premium income (excluding personal accident and healthcare) amounted to ALL 15.15bn.

In 2020 the non-life market comprised eight private sector (general) companies.

Albania participates in the regional property catastrophe pooling arrangement, Europa Re, initiated by the World Bank.

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