Property insurance on the rise, protection still low - AMF reports more fire insurance revenue, but fewer claims paid
In Albania, insurance continues to remain more of an obligation than a conscious choice. While figures show a slight increase in property insurance premiums, the level of financial protection of citizens remains low, especially in the face of natural hazards.
The figures show an increase of almost 3.3% in gross written premiums from fire, natural disasters and other property damage in January-August of this year. According to the Financial Supervisory Authority (AMF), the income collected by insurance companies from this product reached 2.5 billion lek.
While motor insurance premiums are only increasing, and this is also because it is mandatory, property remains an asset that is only insured when a bank loan is taken out. The same applies to life.
Last year, the average premium per capita was only 103 euros, a value that remains very low compared to other countries in Europe and the region.
On the other hand, the damages paid also resulted in a deeper decline. The latest data from the Financial Supervisory Authority shows that in 11 months, approximately 25% fewer damages were paid than in the same period last year. In other words, we have a decrease in the total value of damages from 658 million lek to 490 million lek.
If we compare fire and natural disaster insurance, as well as other property damage insurance, as these are sold as two different products by insurance companies, we see a 4.3% increase in premiums in the case of fire, earthquakes, floods or lightning and a 1.7% decrease in other property damage, such as home burglary insurance.
All of this is evidence that we tend to quickly forget major events like fires or earthquakes, which have often caused severe damage in terms of both life and property.
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