Albania and Kosovo do not pay for life insurance - Only 9% of all gross written premiums. Xprimm ranks last in the region
Albanians, whether in Albania or Kosovo, continue to insure their lives less throughout the Central and Eastern European region. According to the latest report by the international insurance industry data platform, Xprimm, our country, along with Kosovo, ranks last in terms of the ratio and weight of life insurance to other types of insurance.
Life accounts for only 9% of all gross written premiums in Albania, while we break records in terms of domestic compulsory motor insurance with MTPL. This product holds the largest share in the insurance market, dominating with almost 60% over other insurance products.
Despite this, Albania, along with Hungary, had the largest increase in gross written premiums for life insurance in the first half of this year, compared to the first half of last year. Life insurance payments increased by almost 15%, reaching a value of 11.7 million euros from 10.2 million euros a year earlier.
This shows that despite the low ratio that life insurance occupies to property or car insurance, it is growing steadily from year to year.
On the other hand, in terms of compensation, Albania ranks fourth in Central and Eastern Europe for the 16% increase in paid damages.
Data published by the Financial Supervisory Authority shows that debtor's life insurance is the most sought-after product when it comes to life insurance. In 8 regions of the country, this is the only type of insurance for which citizens pay. This means that life insurance continues to be provided only in cases where the bank grants a loan and has the condition that the borrower insures his life and property.
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