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"Bitter" news for drivers, the price of compulsory vehicle insurance is expected to increase in 2023

2022-12-29 08:48:06Biznes SHKRUAR NGA REDAKSIA VOX

"Bitter" news for drivers, the price of compulsory vehicle insurance

Compulsory vehicle insurance prices are expected to rise next year.

Sources from the market inform that the companies are preparing to apply an increase in tariffs, due to the increase in the liability limit brought by the new law "On compulsory insurance in the transport sector", but also due to the significant increase of the cost of damages, due to the increase in prices.

The law that was approved in 2021 foresees a progressive increase in the liability limits of insurers. In the period 2021-2025, the minimum amount of liability for each person injured in an accident will increase by 2 million Lek every year, reaching the final level of 30 million Lek in 2025.

More specifically, from last year's 20 million Lek, as of January 1, 2022, the liability limit for each person injured in an accident has increased to 22 million Lek. On January 1, 2023, the next increase will come into effect, with another 2 million ALL.

For damages caused by an insurance event, the minimum liability limit for each vehicle has increased to 55 million ALL, since the beginning of this year. However, even in this case, the minimum limits of liability will gradually increase by 4 million Lek every year until 2025.

On the other hand, according to insurers, the increase in prices this year has also affected spare parts for vehicles and their technical repair services. This is expected to lead to an increase in claims expenses by companies.

Referring to the statistics of the Financial Supervision Authority (AMF), for the 10th month of 2022, the average damage paid in the mandatory TPL insurance reached 196 thousand ALL, an increase of 8.4% compared to the same period last year.

According to the law in force, the insurance companies themselves determine the mandatory insurance premium rates for motor vehicles, taking into account the risk factors. However, the company must notify the AMF at least 30 (thirty) calendar days before applying the new premium rates and simultaneously file the technical bases, risk factors and actuarial assessments used to calculate these premiums, accompanied by the actuary's opinion authorized representatives of the company.

AMF can order the review of new premium rates if it finds that the database for drawing up the premium tables is not correct or the insurance company has not acted in accordance with actuarial principles and the methodology used for the inclusion of risk factors defined by regulation.

According to sources from the market, another innovation for 2023 is expected to be the application of differentiated TPL insurance premiums, according to asset categories. For this purpose, last year the AMF consulted with the authorized actuaries of the companies a draft regulation "On determining the level of technical provisions and risk factors for compulsory insurance products in the transport sector".

The document provided a list of risk factors that insurance companies appear to use to calculate the premiums that drivers must pay to insure their vehicles. The factors that were proposed by the AMF were the age of the vehicle, engine power, the county where the vehicle is registered, the vehicle's energy source (electric or non-electric), the age of the insured and experience in driving the vehicle.

Other factors that are recommended to be applied by insurance companies are Bonus-Malus (damage history), the purpose of using the vehicle, the annual distance described as well as other risk factors that make it possible to differentiate the premium based on the risk that the insured bears.

Sources from the market inform that a final variant of this regulation is expected to be approved in 2023 and will form the basis for the application of differentiated premiums, based on the categorization of the vehicle or other risk factors./ Monitor


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