The insurance market in Albania has reached a high level of consolidation, offering citizens a wide range of insurance products similar to those available across Europe. This maturity was particularly evident after the 2019 earthquakes, when the Albanian insurance sector swiftly assessed damages and compensated claims in record time.

In that period alone, over €40 million in insurance claims were paid—demonstrating both the liquidity and reliability of the market, where some of the country’s most reputable companies operate. This strength is largely supported by leading European groups such as UNIQA Insurance Group and Vienna Insurance Group, two of the largest insurance providers in Austria and among the most significant in Europe, which have been active in Albania for many years.

Albania’s Insurance Premiums – The Lowest in the Region

Despite its stability, experts note that the Albanian insurance market has yet to attract large numbers of new investors. The main reasons are its relatively small size and the low average insurance premiums. With an average premium of just €62 per capita, Albania ranks among the countries with the lowest insurance density in Europe. Only Moldova records a lower figure, at around €37 per capita.

Even within the Western Balkans, Albania lags behind:

North Macedonia – €89 per capita

Bosnia & Herzegovina – €127 per capita

Serbia – €145 per capita

Montenegro – €159 per capita

By contrast, in the European Union, the average insurance premium per capita is around €2,100—nearly 38 times higher than in Albania.