Euro, does it dominate the Albanian financial system? - AMF: The presence of the European currency in the insurance market decreases by 1.8%
Although the Albanian economy remains heavily euroized, it seems that recently, the European currency is losing its luster in some sectors of the financial system. The latest data from the Financial Supervisory Authority shows a decrease in the presence of the euro in the insurance, government and investment securities markets, while pension funds conduct their activities entirely in lek.
Specifically, out of the 12.8 billion lekë that was the total gross written premiums for life and non-life insurance in the first half of this year, about 31.4% of them were in euros. If we make a comparison with the first half of last year, we see a 1.8% decrease in the weight of the euro in total premiums.
This year there have been more premiums in euros for non-life insurance and less for life insurance. The share of premiums written in euros against the total for non-life insurance activity has increased by about 2% compared to the end of 2024, reaching 32.1% from 30.1% previously.
However, the share of premiums written in Euro against total gross premiums written for life activity has decreased by about 1.7%, reaching 24.8%, from 26.5% at the end of the previous year.
Some insurance products, such as the Green Card or Border Insurance, must be in euros, because compensation is provided in euros for those who cause an accident abroad, while vehicles with foreign license plates coming to Albania find it easier to pay the insurance policy in euros than in lek at the border.
Also, for those who have property and life insurance linked to a loan, the premium paid is usually in the same currency as the loan was taken out.
On the other hand, the Albanian capital market, dominated by government debt securities that are mainly denominated in lek, is characterized by a very low degree of euroization. Participants in this market mainly use the local currency.
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