Green Card, how much did the price reduction affect premiums? - AMF: In January-April, income from this insurance policy increased by 17%
Despite the fact that we have had a reduction in the price of the Green Card for cars traveling to North Macedonia and Montenegro, this change has not yet been reflected in the premiums collected by insurance companies.
According to data from the Financial Supervisory Authority, in the first four months of the year we had a 17% increase in Green Card premiums and a 6% increase in border insurance premiums.
From February 1st of this year, all cars traveling to Montenegro benefited from a discount on the insurance price for the "Green Card". From the €400 premium for 1 year, they now pay only €50. Meanwhile, from April 1st, Albanian citizens also gained the opportunity to travel to North Macedonia with the "Green Card" insurance policy with a 1-year term, at a reduced price of €50.
So far, this price reduction has not led to a decrease in income for insurance companies. This may have come about for several reasons, starting from the greater number of cars that have moved to Montenegro during this period and as a result more have been insured, since the price has also been lower, this may have come about because citizens have also chosen a Green Card with a different time limit, i.e. not for 1 year, but also due to the increased movements of citizens by car to other European countries, not only to North Macedonia and Montenegro.
So, this increase may have been contributed by the collection of more income from Green Card insurance in other countries and not necessarily from that with Montenegro and North Macedonia. However, this remains to be seen by the implementation of these prices for a longer period.
If we make a comparison since 2022, border insurance for vehicles with foreign license plates circulating within the territory of Albania has experienced an increase every year, with the exception of 2024. The year 2024 recorded a decrease of 9% compared to 2023, while that with a Green Card increased by 3%.
On the other hand, claims paid in January-April have decreased by 50% for Green Card, while resulting in a 41% increase for border insurance.
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