Voluntary insurance less contracts. Citizens "choose the minimum", to be insured for life, accidents and health

2024-04-30 10:10:10Biznes SHKRUAR NGA REDAKSIA VOX

Voluntary insurance less contracts. Citizens "choose the minimum", to

Voluntary insurance is seen as the right choice for people who for certain reasons cannot be insured by the compulsory insurance scheme and for those who, in addition to the benefits from compulsory insurance, seek to increase their income through voluntary insurance. However, despite this, it seems that the number of Albanians who prefer voluntary insurance is not high.

According to data from the Financial Supervision Authority, voluntary insurance premiums reached 2.2 million ALL in the first quarter of 2024, 7.66% less than in the same period last year. Meanwhile, the number of voluntary insurance contracts decreased by 1.31% compared to the period January-March 2023.

Voluntary life insurance premiums have increased by 12.28% reaching the value of 467 million ALL, while non-life insurance premiums have decreased by 11.9% compared to the first quarter of 2023. As for the income from Accident and Health insurance , an increase of 15.76% was recorded during the month of January - March 2024, reaching the value of 385 million ALL.

In the portfolios of Property, Liabilities, Guarantees, which in the first three months of this year provided over 900 million ALL in total income, the first place was taken by Fire and Other Property Damage with about 67.18%, followed by the insurance of General Liability with 24.33% of the total.

In the insurance portfolio from Fire and Forces of Nature, in the period January - March 2024, a decrease of 26.95% of the volume of gross written premiums of this portfolio and an increase of 3.51% in the number of insurance contracts, compared to the same period last year.


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