Insurance companies pay 7 billion ALL in damages - AMF: Record increase in damages paid for the Green Card
The value of gross paid claims at the end of ten months has reached 7 billion ALL, almost 23% more than in the period January - October 2023, while most of the paid claims belong to motor insurance.
Referring to the data from the Financial Supervision Authority, about 5.1 billion ALL were paid only for the damage to the cars involved in the accident, an increase of approximately 31%. Motor insurance accounts for almost 74% of total gross claims paid.
But what was the actual number of damages paid?
Until the month of October, over 60 thousand paid claims are counted, 15.8% more than in 2023, when the number of claims was almost 52 thousand. About 57 thousand claims were paid by non-life insurance companies and 3 thousand claims by life insurance companies.
In the type of insurance "motor liability to third parties", a record increase in claims paid for green cards is observed, while the domestic MTPL product and border insurance have a smaller increase. Compared to the period January-October 2023, 98% more damages are calculated for Albanian vehicles that have had accidents outside our country.
The increase in paid damages is a direct consequence of the high increase in the number of accidents during this year. According to official data from the Institute of Statistics, a total of 1875 road accidents occurred in 10 months, about 42% more than in the same period last year. Only during October, 142 road accidents are counted, from 98 that were in October 2023.
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