Insurance, Albanians pay only when they are obligated - AMF: Motor and debtor's life dominate. Zero contracts for 9 other types of products
When it comes to insurance, Albanians continue to pay only for what is mandatory, with domestic MTPL insurance holding a record. Third-party motor liability accounts for 62% of all insurance companies' gross written premiums.
Meanwhile, the product that Albanians choose most in the life category is the debtor's life insurance, due to the obligations imposed by the bank towards the borrower. In the event of the borrower's death due to natural or accidental causes and total and permanent disability as a result of the accident, the insurance company will pay the bank, on behalf of the borrower, the remaining principal amount for the loan specified in the policy, freeing the borrower's family from paying the remaining loan.
According to data from the Financial Supervisory Authority, debtor life insurance accounts for nearly 79% of all contracts in the life insurance category.
The least chosen products are student life insurance, student and apprentice life, survivorship and combined life insurance, which also resulted in a decrease in contracts in January-October of this year.
Meanwhile, in the non-life category, aircraft and ship civil liability insurance is not highly preferred.
But what are the most "unusual" insurance products that no one chooses?
In the non-life insurance category, motor vehicle insurance, aircraft insurance, and credit insurance are offered by companies, but result in zero contracts. Likewise, in the life insurance category, depositor life policies, sportsmen's life and accidents, annuity insurance, marriage-birth insurance, life insurance linked to investment funds, and collective fund management are not selected by anyone.
Thus, insurance companies offer a variety of products, but citizens choose to pay for those that are mandatory and necessary for them, starting with the debtor's motor, property, and life.
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