The insurance market is growing, Albanians need 180 million euros to be insured in 2023

2023-12-06 09:35:04Biznes SHKRUAR NGA REDAKSIA VOX

The insurance market is growing, Albanians need 180 million euros to be insured

The insurance market collected this year a total of about 180 million euros, marking an increase of 10% compared to the previous year. This growth is largely due to the automotive sector.

According to the official data of the Financial Supervision Authority, the income from gross written premiums for the period January-October 2023 amounted to ALL 18.8 billion, or 9.64% more than in January-October 2022. In parallel, the number of insurance contracts connected reached 1,211,966 with an increase of 11.22% compared to the same period of the previous year.

Mandatory motor insurance premiums, during the month of January-October 2023, reached about 11.4 billion ALL, or 7.25% more than in the month of January-October 2022. The domestic MTPL product, in the month of January-October 2023, had an increase of 8.58% of the volume of gross written premiums.

This was also accompanied by an increase in the number of contracts of 9.73% compared to the same period of the previous year. While the vehicle sector is also responsible for increasing the volume of compensations paid by companies.

Gross paid damages in motor insurance for the month of January-October 2023 reached the value of 3.9 billion ALL, experiencing an increase of about 8.35% compared to the same period of the previous year.

However, 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 0.065%. From the point of view of market division by type of insurance, compulsory and voluntary, the gross written premiums of voluntary insurance occupy 39.45% and the gross written premiums of compulsory insurance occupy 60.55% of the total market.


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