Figures/ How much do Albanians spend on insurance? - Xprimm Report: Much less than Kosovo and the region!
Albanians are the people who spend the least on insurance in all of Central and Southeastern Europe. According to the publishing house Xprimm, an Albanian spent an average of 92 euros on insurance last year. Although we had a 15% increase in per capita spending compared to 2023, we still rank last out of 20 countries analyzed.
In terms of total gross written premiums, Serbia and then Bosnia and Herzegovina lead the Western Balkans. With a value of 25 billion lek in gross written premiums last year, Albania is only behind Kosovo and Montenegro.
Meanwhile, our country still remains last in Central and Southeastern Europe in terms of the share of gross written premiums in Gross Domestic Product (GDP). Data from the Xprimm report show that the insurance market in Albania accounts for only 1% of Gross Domestic Product, while in Kosovo and North Macedonia it accounts for 1.6% and 1.8% respectively, and in Bosnia over 2%.
If we compare by products, we notice that Albanians, whether in Albania or Kosovo, do not insure their lives. Of the total portfolio of gross written premiums, only 8% goes to life insurance in Albania and only 5% in Kosovo. Albanians spend more on the Domestic MTPL insurance product, where we surpass the region in terms of the percentage that this product occupies in the total portfolio of premiums. This is because it is mandatory and not voluntary.
On the other hand, when it comes to property insurance, we are at similar levels to countries in the region. Home insurance continues to be available only in cases where the individual takes out a bank loan to purchase it.
These figures show that a culture of voluntary insurance has not yet been created in Albania. Most Albanians do not see insurance as a necessity, but rather a luxury, and when they have additional income, they prefer to spend it on other products. There is also low trust in insurance companies.
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