More citizens are insuring their lives - AFSA: In the first quarter of 2025, signed contracts increased by 31%
The insurance market experienced growth in the first quarter of 2025, both in terms of the volume of collections and the number of insurance contracts.
According to data from the Financial Supervisory Authority, gross written insurance premiums for the period January - March 2025 amounted to 5.5 billion lek, about 370 million lek more than in the same period a year earlier. Also, the total number of insurance contracts concluded reached over 347 thousand at the end of March, with an increase of almost 12% compared to the first 3 months of 2024.
In the period January-March of this year, the insurance market has seen an increase of 7.1% compared to the same period last year. The market continues to be dominated by non-life insurance, which brought in 90.45% of the total volume of premiums, while life insurance only 9.48% and reinsurance with a very small percentage.
From the perspective of market division by type of insurance, compulsory and voluntary, gross written premiums of voluntary insurance account for 39.56% and gross written premiums of compulsory insurance account for 60.44% of the total market.
Despite the dominance of non-life insurance, the number of life insurance contracts has recorded a higher increase than non-life insurance. Specifically, the number of contracts in non-life insurance increased by 9.6% at the end of March, while as for life insurance, the number of contracts reached over 42 thousand, marking an increase of approximately 31% estimated for January - March 2024. This shows that more and more Albanians are choosing to insure their lives.
As a result, voluntary non-life insurance premiums have also seen a smaller increase than life premiums. Thus, voluntary non-life insurance premiums increased by approximately 6% compared to January - March 2024, while life insurance premiums reached approximately 530 million lek, or almost 13.8% more.
Currently, a total of 9 insurance companies operate in Albania, offering life and non-life insurance services.
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