"Boom" in insurance for cars with Green Cards in the summer - 1.5 billion lek premiums. Cars with foreign license plates entering Albania were insured less
About 6.5 million Albanians have traveled outside the country in January-September of this year, about 9.4% more than in the same period last year. Undoubtedly, flying is the most used form of transportation by Albanians, but traveling by car to spend the holidays in one of the neighboring countries and beyond is not far behind. But how much did Albanians insure their cars when traveling during this summer?
According to the latest data from the Financial Supervisory Authority (AMF), income collected by insurance companies from gross written premiums of the Green Card reached a figure of 1.5 billion lek by September of this year, increasing by 11% compared to the same period a year earlier.
Green Card insurance is available for all vehicles registered in Albania that travel abroad and covers damages caused to third parties in the event of an accident. Since February 1 of this year, all cars traveling to Montenegro have benefited from a discount on the insurance price for the “Green Card”. From the €400 premium for 1 year, they now pay only €50. Meanwhile, from April 1, Albanian citizens have also gained the opportunity to travel to North Macedonia with the “Green Card” insurance policy with a 1-year term, at a reduced price of €50.
The reduction in insurance prices has not been reflected in the reduction in income collected by insurance companies, because there has been an increase in insurance contracts for this type of product. Statistics speak of a 2.5% increase in the number of contracts.
On the other hand, the opposite has happened with border insurance for vehicles with foreign license plates circulating within the territory of Albania. Referring to the figures of the Financial Supervisory Authority, gross written premiums have fallen to 417 million lekë, about 1.6% less than in January-September 2024. The number of contracts has also decreased by almost 2%.
Cars with Albanian license plates traveling abroad were insured more, while cars with foreign license plates entering Albania were insured less.
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