Year 2023, Albanians pay 38 million euros for property insurance

2024-02-03 11:43:47Biznes SHKRUAR NGA REDAKSIA VOX

Year 2023, Albanians pay 38 million euros for property insurance

Voluntary real estate insurance is one of the fastest growing items in the insurance market for the past year. Voluntary insurance premiums during 2023 reached 8,917 million ALL, 12.03% more than in 2022.

The number of voluntary insurance contracts increased by 0.01% compared to 2022. Only the Property, Liability, Guarantee portfolios during 2023 provided over 3.8 billion lek in total income, or almost 38 million euros, a very high figure compared to previous years. The first place in these portfolios is Fire and Other Property Damage with about 64.40%, followed by General Liability insurance with 25.90% of the total.

In the insurance portfolio from Fire and Forces of Nature, during the year 2023, an increase of 15.73% in the volume of gross written premiums of this portfolio and an increase of 3.79% in the number of insurance contracts, compared to 2022, is observed.

And yet, last year the market remained strongly oriented by compulsory insurance. From the point of view of market division by type of insurance, compulsory and voluntary, the gross written premiums of voluntary insurance occupy 38.94% and the gross written premiums of compulsory insurance occupy 61.06% of the total market.

Compulsory motor insurance premiums during 2023 reached about 13.9 billion ALL, or 6.94% more than in 2022, continuing to remain responsible for the largest share in the market. The domestic MTPL product, in 2023, had an increase of 8.20% in the volume of gross written premiums. This was also accompanied by an increase in the number of contracts of 9.21% compared to the same period of the previous year.

 


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