Green Card at record high, foreigners curb insurance at the border - AMF: Border premiums fall to 438 million lek, contracts decrease by almost 2%
Cars with Albanian license plates that travel abroad are being insured more, while cars with foreign license plates that enter Albania are being insured less.
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 1.7 billion lek by October of this year, increasing by 10.3% 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.
This price reduction has not resulted in a decrease in income for insurance companies. This may have occurred for several reasons, starting from the larger number of cars that have been insured, which may be those that have moved to Montenegro during this period, it may have occurred because citizens have also chosen a Green Card with a different time limit, i.e. not for 1 year, but also due to the increased movements of citizens by car to other European countries, not only to North Macedonia and Montenegro.
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 438 million lekë, about 1.4% less than in January-October 2024. The number of contracts has also decreased by almost 1.7%.
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