Do Albanians insure their homes? AFSA: Premiums and claims payments are increasing, however voluntary insurance remains low
In Albania, insurance continues to remain more of an obligation than a conscious choice, although figures show a slight increase in property insurance premiums, which also translates into higher financial protection for citizens.
The figures show an increase of almost 9.5% in gross written premiums from fire, natural forces in January-May of this year. According to the Financial Supervisory Authority (AMF), the income collected by insurance companies from this product and from other property damage insurance reached 1.1 billion lek.
On the other hand, the damages paid resulted in a high increase. The latest data from the Financial Supervisory Authority shows that in 5 months, approximately 15.8% more damages were paid than in the same period last year. In other words, we have an increase in the total value of damages from 117 million lek to 391 million lek.
If we compare fire and natural disaster insurance, as well as other property damage insurance, as these are sold as two different products by insurance companies, we see a 9.5% increase in premiums in the case of fire, earthquakes, floods or lightning and a decrease of almost 26% in other property damage, such as home burglary insurance.
However, while motor insurance premiums are only increasing, due to the fact that it is mandatory, property remains an asset that is only insured when a bank loan is taken out. The same goes for life.
The increase in claims paid shows that more and more citizens are benefiting from insurance coverage, but the level of property insurance in Albania still remains low compared to that of European Union countries. Expanding the insurance culture would help families and businesses to more easily cope with financial losses from unexpected events.
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