
For the 11 months of this year, Albanians have paid a total of almost 200 million euros to insure life, health, property, and especially cars. The data is made public by the Financial Supervision authority, according to which, the income from gross written insurance premiums for the month of January-November 2023 reached the value of 20.5 billion ALL, say 200 million euros, or 8.38% more than in January -November 2022. During the month of January-November 2023, the number of concluded insurance contracts reached 1,322,512 with an increase of 10.84% compared to the same period of the previous year.
The market remains oriented towards Non-Life insurance, which brought 91.94% of the total volume of premiums, Life insurance has 8.00% and reinsurance 0.059%. From the point of view of market division according to the type of insurance, compulsory and voluntary, the gross written premiums of voluntary insurance occupy 39.04% and the gross written premiums of compulsory insurance occupy 60.96% of the total market.
During the month of January-November 2023, the gross paid claims in the insurance market reached about ALL 6.3 billion, or 3.22% more than in the month of January-November 2022. The gross paid claims in motor insurance for the month of January- November 2023 amounted to ALL 4.3 billion, experiencing an increase of about 9.93% compared to the same period of the previous year.
Meanwhile, even for this year, vehicle insurance remained the portfolio with the largest weight in the market. Compulsory motor insurance premiums during January-November 2023 reached about 12.5 billion ALL, or 6.96% more than in January-November 2022.