Insurance companies, 20 billion ALL in 10 months - AMF: The number of contracts concluded for border insurance falls by 11%
In a period of 10 months, insurance companies have earned 7.5% more revenue from gross written premiums compared to the period January - October 2023. Data from the Financial Supervisory Authority show that revenue from gross written premiums of insurance amounted to ALL 20 billion at the end of ten months.
Meanwhile, the number of concluded insurance contracts also increased by 8.66%, bringing the total to 1.3 million. The figures speak of a steady increase in insurance contracts from month to month, which indicates an increased interest from individuals.
The market continues to remain oriented towards Non-Life insurance, which brought 91.89% of the total volume of premiums, while Life insurance has 8.07% and reinsurance with 0.035%.
In terms of motor insurance, premiums reached 12 billion ALL during January-October 2024, almost 8% more than in the same period a year ago.
More specifically, the Domestic MTPL Product, which refers to motor vehicle insurance for liability to third parties in cases where the insured is involved in an accident and is responsible for material, property or health damages, had an increase of 9.85% in volume of gross written premiums. This was also accompanied by an increase in the number of contracts of 9.56%.
Green Card insurance for Albanian vehicles traveling abroad also saw an increase of almost 20% in the number of contracts.
On the other hand, fewer vehicles with foreign license plates were insured in the period January-October 2024. According to official statistics, during the last months there was an 11.06% decrease in the volume of gross written premiums from border insurance compared to the period January-October 2023. Even the number of contracts decreased by 11.39%.
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