About 2.2 billion lek for car insurance - AMF: 12% more premiums in the first two months of the year
During the first two months of the year, Albanians paid 2.2 billion lek for car insurance. The latest data from the Financial Supervisory Authority shows that the amount paid for this insurance policy has increased by 12% compared to the same period last year.
All motor insurance products show growth, both in terms of premium value and number of contracts.
If we refer to the Domestic MTPL, i.e. motor vehicle insurance for liability to third parties in cases where the insured is involved in an accident and is liable for material, property or health damage, in January-February 2025 there was an increase of 12.48% in the volume of gross written premiums. This was also accompanied by an increase in the number of contracts of 5.57%.
For all vehicles registered in Albania that travel abroad, the Green Card had an increase of 11.17% in the volume of gross written premiums and 23.95% in the number of contracts compared to 2024. From February 1 of this year, all cars traveling to Montenegro benefited from a discount on the insurance price for the "Green Card". From €400, which was the premium for 1 year, they now pay only €50, while the premium for 15 days continues to be €15. Meanwhile, from April 1, Albanian citizens also have the opportunity to travel to North Macedonia with the "Green Card" insurance policy with a 1-year term, at a reduced price of €50. Meanwhile, there have been requests for such a discount to also apply to vehicles traveling to Greece.
On the other hand, the border insurance product, for vehicles with foreign license plates circulating within the territory of Albania, has seen an increase of 6.11% in gross written premiums, while the number of contracts increased by 6.42%.
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