Do Albanians know the value of property? - AFSA: Fires brought "zero" awareness to insure it. 1.5% drop in premiums
With 128 fires burning nearly 60,000 hectares of land, causing irreparable damage even to homes, this summer's alarming situation has not served as a turning point for Albanians to secure their property.
The figures show a decline of almost 1.5% in gross written premiums from fire, natural disasters and other property damage in January-August of this year. According to the Financial Supervisory Authority (AMF), the income collected by insurance companies from this product fell to 2 billion lek.
While motor insurance premiums are only increasing, and this is also because it is mandatory, property remains an asset that is only insured when a bank loan is taken out. The same applies to life.
Last year, the average premium per capita was only 103 euros, a value that remains very low compared to other countries in Europe and the region.
On the other hand, the damages paid also resulted in a deeper decline. The latest data from the Financial Supervisory Authority shows that during this eight-month period, approximately 29% fewer damages were paid than in the same period last year. In other words, we have a decrease in the total value of damages from 428 million lek to 304 million lek.
If we make a comparison between 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 2.16% decrease in premiums in the case of fire, earthquakes, floods or lightning and a 2.16% increase in other property damage, such as home burglary insurance.
All of this is evidence that we tend to quickly forget major events like fires or earthquakes, which have often caused severe damage in terms of both life and property.
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