How did the auto insurance market change in 2024? - AMF: Companies collected 7.6% more premiums than in 2023
During 2024, revenues from compulsory motor insurance premiums have experienced a significant increase. Data from the Financial Supervisory Authority show that insurance companies' revenues from motor insurance premiums reached 15 billion lek or 7.66% more than in 2023.
Regarding the domestic MTPL product, which refers to motor vehicle insurance for third-party liability in cases where the insured is involved in an accident and is liable for material, property, or health damage, last year there was an increase of 9.27% in the volume of gross written premiums.
On the other hand, the green card insurance for all vehicles registered in Albania that travel abroad has been accompanied by a 2.88% increase in the volume of premiums, bringing the total value to 1.8 billion lek. From February 1 of this year, all cars traveling to Montenegro have benefited from a discount on the insurance price for the “Green Card”. From the €400 premium for 1 year, they will now pay only €50, while the premium for 15 days continues to be €15. Meanwhile, the Macedonian Alliance has called for the same discount to be applied to North Macedonia and Greece.
Meanwhile, border insurance for vehicles with foreign license plates circulating within the territory of Albania has suffered a significant decrease. Thus, the volume of gross written premiums suffered a decrease of 9.44%, while the number of contracts decreased by 9.31%.
This year, the implementation of the new car insurance scheme has also begun, which provides that the insurance premium for a vehicle is calculated based on the history of claims, including cases where the cause of the accident is not listed in the insurance policy, engine power, age of the insured, experience in driving a motor vehicle, age and registration district of the vehicle, but also whether the vehicle is used by an entity or individual.
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