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The new regulation for car insurance: No fixed prices, payments according to risk factors

2024-09-24 10:47:32Biznes SHKRUAR NGA REDAKSIA VOX
The new regulation for car insurance: No fixed prices, payments according to
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The Financial Supervision Authority has returned to the draft regulation discussed in 2021 to differentiate the prices of compulsory vehicle insurance.

The new draft regulation will set different insurance prices for vehicles based on several factors. The factors are the age of the vehicle, engine power, the county where the car is registered, the type of car whether it is electric or fuel-powered, the age of the owner of the vehicle and experience behind the wheel and his accident history.

The law passed in 2021 allowed compulsory vehicle insurance companies to apply different rates to drivers with a heavy accident history. But the insurance companies declared at that time that the initiative was premature for the Albanian market.

The vehicle insurance market occupies the lion's share of the overall insurance market. Data from the Financial Supervision Authority show that from January to July of this year, car insurance accounts for 66 percent of the total market.

In this report, the AMF says that in the first seven months of this year, insurance companies paid 3.4 billion ALL as compensation for accidents, a figure with an increase of almost 21 percent more than the same period last year.


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