250 million lek for compensation for damages from accidents - AFSA approves the decision for 2025. Will it be sufficient?
The Financial Supervisory Authority has approved the compensation fund for damages in the transport sector for 2025, which will amount to 250 million lek.
The decision also stipulates that the compensation fund's claims provisions will be created in the amount of 552 million lek, which will be reflected by insurance companies in the financial statements of 2024. But is this fund of 250 million lek sufficient to pay all claims?
In 2024, the contribution amount for the Compensation Fund was 270 million lek. According to data from the Financial Supervisory Authority, the damages paid by the Compensation Fund during the past year amounted to 350 million lek, about 80 million more than the initial amount determined by the Fund. On the other hand, the damages remaining pending from this Fund, that is, those that have not yet been paid for various reasons, amounted to 688 million lek in the year just ended.
The Albanian Insurance Bureau is the administrator of the Compensation Fund, responsible for paying damages for automobile accidents caused by uninsured or unidentified vehicles.
Injured parties in a car accident within the territory of Albania, caused by an uninsured or unidentified vehicle, have the right to compensation from the Albanian Insurance Bureau, specifically the Compensation Fund.
Insurance companies, members of the Albanian Insurance Bureau, which operate in our country in compulsory motor insurance, are obliged to contribute financially to the compensation fund every year, in direct proportion to the gross premiums written in these types of insurance in the previous year.
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