AMF: Life insurance revenues, increase by about 11.4% in January 2025!
The Financial Supervisory Authority announced through its latest published report that income from gross written insurance premiums for January 2025 amounted to 1,976 million lekë, or 11.37% more than in January 2024. During January 2025, the number of insurance contracts concluded reached 124,025 with an increase of 18.75% compared to the same period a year earlier.
According to AFSA, the market remains oriented towards Non-Life insurance, which brought in 90.38% of the total volume of premiums, while Life insurance has 9.54% and reinsurance with 0.079%. Seen from the perspective of market division by type of insurance, compulsory and voluntary, gross written premiums of voluntary insurance account for 39.44% and gross written premiums of compulsory insurance account for 60.56% of the total market.
According to the report, during January 2025, gross claims paid in the insurance market reached around 687 million lek, or 12.95% more than in 2023. Gross claims paid in motor insurance for January 2025 amounted to 515 million lek, an increase of around 24.74% compared to the same period a year earlier.
Meanwhile, the AFSA informs that compulsory motor insurance premiums during January 2025 reached around 1,197 million lekë, or 14.58% more than in January 2024. The domestic MTPL product, in January 2025, had an increase of 15.07% in the volume of gross written premiums. This was also accompanied by an increase in the number of contracts of 7.80% compared to January 2024.
Regarding the Green Card, the report highlights that in January 2025 there was a 12.75% increase in the volume of gross written premiums. This was accompanied by an increase in the number of contracts of 23.47% compared to January 2024. The Border Insurance product, in January 2025, had a 5.05% increase in the volume of gross written premiums compared to January 2024. The number of contracts also increased by 8.88%.
Meanwhile, regarding voluntary insurance premiums, AFSA reports that during January 2025 they reached around 779 million lekë, 6.78% more than January 2024. The number of voluntary insurance contracts increased by 32.92% compared to January 2024. Voluntary Non-Life insurance premiums during January 2025 increased by 5.38% compared to January 2024.
Based on the ratio of the Property, Liability, and Guarantee portfolios, which during January 2025 provided over 297 million lek in total income, Fire and Other Property Damage took first place with about 59.60%, followed by General Liability insurance with 26.37% of the total.
Meanwhile, in the Fire and Natural Disaster insurance portfolio, during January 2025, a decrease of 8.25% in the volume of gross written premiums of this portfolio and an increase of 16.20% in the number of insurance contracts was observed, compared to January 2024.
"Revenues from Accident and Health insurance, during January 2025, reached about 156 million lekë, marking a decrease of 1.00% compared to January 2024. Premiums from Life insurance during January 2025 reached about 189 million lekë, or 10.50% less than a year ago," the report states.
AFSA announces that claims payments during January 2025 increased by 12.95% compared to January 2024. The majority of gross claims paid belong to motor insurance with around 515 million lek, or 75.07% of total gross claims paid.
The table below presents the average claim for some of the motor insurance products:
Poll
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