Car insurance, 12% more premiums in 2025 - AMF: Border insurance, the only product with a decrease in contracts in the first quarter
Gross premiums written from compulsory motor insurance have reached 3.3 billion lek. Data from the Financial Supervisory Authority shows that insurance companies' income from motor insurance premiums increased by 12% in the first quarter of 2025.
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, in the period January-March 2025 there was an increase of 12.94% in the volume of gross written premiums. This was also accompanied by an increase in the number of contracts of 6.17% compared to January-March 2024.
On the other hand, green card insurance for all vehicles registered in Albania that travel abroad, in 3 months there was an increase of 9.23% in the volume of gross written premiums, bringing the total value to 464 million lek. This was accompanied by an increase in the number of contracts of 19.79% calculated from January-March 2024. From February 1 of this year, all cars traveling to Montenegro, benefited from a discount on the insurance price for the "Green Card", while from April 1 it began to be applied to North Macedonia.
Meanwhile, border insurance for vehicles with foreign license plates circulating within the territory of Albania continued to decline at the end of the quarter. Thus, the volume of gross written premiums increased by 0.51% compared to the first 3 months of 2024, but the number of new contracts signed decreased by 1.1%.
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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