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Albanians pay 3.5 billion ALL for insurance in two months

2024-03-29 12:14:27Biznes SHKRUAR NGA REDAKSIA VOX

Albanians pay 3.5 billion ALL for insurance in two months

Albanians paid 3.5 billion ALL to be insured during the first two months of 2024, while the market registered an annual growth of 8.14%. The most recent data published by the Financial Supervision Authority (AMF) show that the number of insurance contracts signed has also increased, reaching 204,626 during this period.

The market remains oriented towards Non-Life insurance, which brought 91.28% of the total volume of premiums, while Life insurance has 8.72% and reinsurance with 0.003%. From the perspective of market division by type of insurance, mandatory and voluntary, the gross written premiums of voluntary insurance occupy 42.64% and the gross written premiums of compulsory insurance occupy 57.36% of the total market.

During the period January-February 2024, the gross claims paid in the insurance market reached about ALL 1,286 billion, or 19.03% more than in the same period of the previous year.

Gross paid claims in motor insurance for the period recorded a value of 815 million ALL. Insurance premiums in this category reached about 2 billion ALL, or 9.76% more.

The domestic MTPL product had an increase of 11.24% in the volume of gross written premiums, also accompanied by an annual increase in the number of contracts of 11%.

The Green Card product had a decrease of 1.59% in the volume of gross written premiums, which was accompanied by an increase in the number of contracts of 21.93%. The volume of gross written premiums for border insurance increased by 7.23%, as did the number of contracts by 9.19%.


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