"Ghost" accidents and uninsured cars - Around 245 million ALL in damages were covered by the Compensation Fund in 2025
There are not so few drivers who do not insure their car or leave the scene of the accident after having an accident while being uninsured. What happens in such cases? Insurance companies contribute annually to a Fund, which is used to compensate for damages to the person or car when the latter are not directly insured.
According to the annual report of the Financial Supervisory Authority (AMF), 245 million lek in damages were paid by the Compensation Fund in 2025. Of the 250 million lek that was approximately the total Compensation Fund dedicated to covering such cases, only 98.5% of this value of the approved annual fund has been used, while there are still pending damages that have not been paid.
Also, the Compensation Fund to compensate those who do not pay to be insured directly by insurance companies turns out to have been used 30% less than in 2024, where the value of damages paid by the fund was 350 million lek.
The Financial Supervisory Authority has continued monitoring the Albanian Insurance Bureau (BSHS), with a focus on further reducing pending claims subject to the compensation fund. During the past year, pending claims decreased by 8.7% compared to 2024.
About 70% of accidents caused by uninsured or unidentified vehicles are handled and paid through expedited procedures, directly by insurance companies. Usually, damages to the car are not compensated when the vehicle was unidentified.
On the other hand, the security culture in Albania continues to be far behind other countries.
The average insurance penetration in OECD countries during 2015–2024 is around 6.2% of Gross Domestic Product (GDP), reflecting developed markets and a high level of use of insurance products. While Balkan countries fluctuate between 1–2%, Albania remains around 1%, or six times below the OECD average, indicating a market still in a developing phase with considerable potential for growth.
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