Only 33 thousand properties insured against fire - AMF: Disaster damages are increasing, but many citizens are still hesitant to protect their homes
Despite the fact that from year to year, Albania is being engulfed by a heat wave that brings about the outbreak of numerous fires, which often endanger the lives of people and animals, and destroy homes, businesses, and agricultural land, Albanians continue to show no interest in protecting their lives or property from this disaster.
According to the latest data from the Financial Supervisory Authority (AMF), gross written premiums from fire and natural disaster insurance fell by almost 16% in the first half of this year. Insurance companies collected only 1.2 billion lek from underwriting this insurance policy.
On the other hand, only 33 thousand properties are insured to protect against any fire or other possible damage that may occur in the future. Despite the fact that gross written premiums have decreased, the number of contracts has increased by 6%.
So, the number of insured properties has increased slightly, but smaller amounts of money have been paid by citizens for this insurance policy.
What about the damages paid?
As companies are collecting less money from this insurance policy, the damages they pay are increasing. Statistics show that the total value of damages has increased by 117% compared to the same period last year. Due to damages caused by fire or other natural forces, citizens have benefited from a total of 375 million lek in coverage from the companies where they insured their property. Other property damages, such as theft, also show the same trend.
This increase in the value of damages paid shows that fire cases are increasing, but the number of insured properties continues to remain very small in relation to the number of all properties that exist in Albania.
All of this means that Albanian citizens expect help only from the state when it comes to covering fire damage, help that can often be delayed, and do not undertake a second attempt to protect their property by taking out a simple insurance policy.
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