Properties, "at the mercy of fate" - Floods, fires and earthquakes do not sufficiently encourage Albanians to insure
Neither the 2019 earthquake nor other ongoing seismic tremors, nor the alarming situation with fires during the summer, were enough to make Albanians aware of the need to secure their property. Despite the fact that our country is highly exposed to natural disasters, primarily floods, then fires and earthquakes, there continues to be a high tolerance for property protection.
According to a report by the publishing house Xprimm for the first half of the year, Albania is the only country in Central and Southeastern Europe that has had a decline in property insurance premiums compared to the first half of 2024. However, the ratio of this product compared to other insurance products is not as deep as that in other countries in the region.
Specifically, property constitutes 13% of the insurance market in Albania, while the average for Central and Southeastern European countries is 16%, referring to figures from Xprimm for the first half of the year alone.
Montenegro and Albania report the lowest value of gross written premiums for property insurance, while there is no data for Kosovo.
On the other hand, the latest data from the Financial Supervisory Authority for the period January-October show a 4% increase in property insurance premiums, reaching a figure of 2.4 billion lek.
Even though the price of premiums is not very high, in a small economy like ours, having to pay for car insurance and then property insurance, along with many other expenses, weighs heavily on everyone's pocket. The state is seen as the only salvation.
A few months ago, the Ministry of Finance issued for public consultation a draft law making earthquake insurance mandatory for homes. It aims to improve the risk management system in Albania, providing better financial protection for citizens and reducing the fiscal burden on the state budget after catastrophic events.
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