More claims for insurance companies - AMF: They increased by 12% in 7 months. Bonus-malus affected motor products
The insurance market in Albania has continued to expand during the first seven months of the year, but behind this performance lie several factors that have changed both the companies' revenues and the level of claims paid.
In the period January-July, gross written premiums increased by about 3%, while claims paid increased by over 12%. Thus, the growth rate of claims has been significantly higher than that of premiums.
One of the main factors is related to motor insurance. According to the data, their dynamics have been influenced by changes in risk factors, defined in the relevant regulation, as well as by changes in insurance tariffs. At the same time, the movement of vehicles towards border countries and CEFTA member countries has affected the structure of motor insurance products, including green card-related insurance and border insurance.
These developments have also been reflected in claims. In motor insurance, claims paid increased by over 12%, indicating greater pressure on insurance companies.
Even in voluntary insurance, the increase in claims was driven by an increase in accidents, health-related claims, and civil liability. This increase was partially offset by a decrease in claims in insurance against fire, natural disasters, and other property damage.
Meanwhile, in Life insurance, the increase in claims is mainly related to Flexi Plan product contracts, while the performance of premiums has also been affected by the performance of credit-related products.
Despite these developments, data from recent months indicate a stabilization of claims activity. Both the number of cases and the value of payments have maintained relatively stable levels, signaling a more stable market performance in the rest of the year.
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