Insurance, a financial burden for Albanians? - It is seen as a luxury, not a necessity. About 92% of premiums are only for car, life and property
Car, life and then property insurance account for 92% of the insurance portfolio in Albania. These are the most chosen insurance products by Albanians.
What about other products that companies offer?
Albania is one of the 3 countries where citizens do not prefer to choose insurance products other than car, life and property.
According to a report by the international insurance industry data platform, Xprimm, in Albania, Hungary and Romania, other non-life insurance products account for only 8% of gross written premiums in the total insurance portfolio compared to 15%, which is the average for Central and Eastern European countries.
What do these two facts say about the security culture in Albania?
Albanians do not have a well-cultivated insurance culture. Insurance is seen more as a luxury than a necessity, seen more as an obligation than a choice. Car, life, and property are preferred over other insurance products because car insurance is mandatory, while life and property insurance are also an obligation to be paid for the moment a citizen takes out a bank loan.
If there were no mandatory car insurance and the requirement that banks impose for a borrower's life and property insurance, the penetration rate of these products would be much lower.
So, we rank last in the Central and Eastern European region in terms of low preference for other non-life insurance products.
For an individual who owns a car and has taken out a bank loan and therefore has to pay for life and property insurance, this weighs heavily on their pocket, in addition to other living expenses. Therefore, for many Albanians, insurance is seen as an excessive cost.
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