AMF: 1 million insurance contracts in 8 months, revenue from gross written premiums increases

2024-10-02 10:36:55Biznes SHKRUAR NGA REDAKSIA VOX

AMF: 1 million insurance contracts in 8 months, revenue from gross written

During the period January-August 2024, the insurance market in Albania has marked a significant increase. Income from gross written premiums reached ALL 16.35 billion, marking an increase of 6.64% compared to the same period last year. The number of insurance contracts reached 1 million with an increase of 8.32%.

Non-Life insurance remains dominant, contributing 91.85% of total premiums, while Life insurance and reinsurance account for 8.11% and 0.036% respectively. From the point of view of division by type, compulsory insurance accounts for 60.07% of the market, while voluntary insurance accounts for almost 40%. Gross damages paid increased by 29.04%, reaching 5,595 million ALL.

Motor insurance accounted for 73.09% of these claims, with a value of nearly ALL 4.1 billion, and an increase of 29.83% compared to last year. Premiums for compulsory motor insurance reached ALL 9.8 billion, with an increase of 8.28%. Other products such as MTPL and Green Cardboard also recorded growth, respectively 10.50% and 1.86%.

However, border insurance had a decrease of 10.88%. In the voluntary insurance segment, premiums reached ALL 6.5 billion, an increase of 4.26%, with an increase in contracts of 3.99%. Property, liability and guarantee insurance contributed over ALL 2.8 billion, with fire insurance dominating this category.

In general, the insurance market in Albania is showing a steady growth trend, reflecting an increase in citizens' interest in financial protection through insurance contracts.


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