How much did the pandemic affect the growth of life insurance? - AMF: Albanians, more aware. “Boom” of contracts and premiums
Since the pandemic, Albanians have become more aware of their life insurance. In conditions where COVID-19 caused a large number of deaths, life insurance would guarantee coverage of medical treatment expenses, but also a financial benefit for the family members of the person who lost their life.
As a result of the quarantine, in 2020 we would have a drastic decrease in the number of contracts, but with the gradual opening, in 2021 there was a "boom" of life insurance contracts.
Official statistics show that from 2020 to 2021, the largest increase ever in life insurance was recorded, specifically a 17% increase in the number of contracts.
According to data from the Financial Supervisory Authority, from the pre-pandemic period to the post-pandemic period, if we make a large leap of years, i.e. a comparison of the value of premiums in 2019 and 2024, there is a 70% increase in their amount.
Over a period of 7 years, the life insurance market has seen steady growth. In 2024, gross written premium income reached 2 billion lek, about 11.3% more than in 2023.
While the number of contracts has increased by 13%. Despite these increases, the value of premiums continues to remain at very low levels compared to non-life insurance.
Recently, the Financial Supervisory Authority has licensed a new life insurance company. With it, the number of insurance companies in our country reaches 9.
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