"Life is not seen as an economic asset by Albanians"/ Hajdarmataj: Greater education is needed on the importance of securing it
Despite the fact that life insurance has increased year by year, the ratio with other types of insurance remains very deep. Compulsory car insurance is the one with the highest number of premiums, for which we also rank well with the region, but we are last when it comes to life insurance.
Currently, non-life accounts for the largest share of the insurance market. The latest data from the Financial Supervisory Authority shows that about 91% of the volume of gross written premiums goes to non-life insurance and only 9% goes to life.
"Life is still not considered by Albanians as an economic asset, so we do not consider that in the event of an event, you are at risk. We are not talking about the loss of life for which if you had an insurance contract, the heirs benefit, the family benefits and it is not a small amount, but also in the event of loss of ability to work, partial, temporary or permanent. This seems to us to be a very distant thing, as it seems that Albanians in those daily troubles do not think about the consequences of an event and are insured very little," said Mimoza Hajdarmataj, General Secretary of the Association of Insurers of Albania, "- said Hajdarmataj.
According to her, greater awareness and education of the population on the importance of life insurance is needed.
"Again and in this class, again with such a low coefficient, the main weight is taken by banks that provide a loan and force the borrower to insure the property in order for the bank to have the amount it has given as collateral, but also the life of the borrower, so here too there is a lot of work left for the insurance market to distribute information, to raise awareness, to educate the population on the importance of life insurance. And this, besides being a financial guarantee in case something happens, is also a social peace, a peace of mind that by having such an insurance contract, you will be compensated," said Hajdarmataj.
According to the Financial Supervisory Authority, the number of life insurance contracts during the first five months reached over 70 thousand, marking an increase of 19% compared to January-May 2024.
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