Insurance in 2024, how much will Albanians pay? - AFSA: 7% increase in premium volume compared to 2023
The insurance market has experienced strong growth in 2024, both in terms of the volume of collections and the number of contracts concluded. Official statistics show that more Albanians insured their lives, cars and property during 2024. Data from the Financial Supervisory Authority shows that income from gross written insurance premiums reached 24 billion lek, about 7% more than in 2023.
In terms of the number of contracts, 8.8% more would be signed in 2024 than in 2023. Specifically, last year there were 1.5 million contracts, compared to 1.4 million in 2023.
The market remains oriented towards non-life insurance, which brought in 91.51% of the total premium volume, while life insurance has 8.45% and reinsurance with a negligible percentage. From the perspective of market division by type of insurance, compulsory and voluntary, gross written premiums of voluntary insurance account for 38.55% and gross written premiums of compulsory insurance account for 61.45% of the total market.
Non-life insurance continues to dominate due to the large volume of premiums generated by auto insurance.
This year, the implementation of the new vehicle insurance scheme, bonus-malus, has begun, which determines a new calculation of the insurance premium based on risk factors.
The new regulation foresees an increase in the price of the insurance premium for individuals who are young, who have little experience in driving a vehicle with high engine power registered in the Tirana district, who will have an accident history (this starting from next year, since the accident history before 2025 has been deleted), while for those who will not have accidents, a reduction in the price of the insurance premium is expected.
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