Vehicles remain the "engine" of the insurance market - AMF: Compulsory insurance continues to lead, while life insurance maintains positive rates
Compulsory motor insurance continues to hold the main weight in the Albanian insurance market. During the first half of the year, this segment accounted for almost two-thirds of the Non-Life market, while gross written premiums increased by about 5%, reaching approximately 7.9 billion lek. At the same time, claims payments increased by over 18%, indicating that insurance companies have faced more claims.
Within this segment, compulsory MTPL insurance for vehicles remains the most important product, accounting for over half of the entire insurance market. Meanwhile, Casco insurance also continued to expand, with an increase of over 5% in written premiums.
In contrast, fire and natural disaster insurance, which accounts for a significant share of the market, fell by about 16%. Other property damage insurance also fell. According to the Financial Supervisory Authority, the growth in the accident, health and civil liability classes was not sufficient to compensate for the contraction of these products.
The Authority estimates that one of the factors that has influenced the performance of motor insurance is the implementation of the "Claims History" risk factor, which makes the insurance premium related to the driver's accident history. On the other hand, "Green Card" products and border insurance have decreased, as a result of the facilitation of the movement of vehicles towards CEFTA member countries.
The life insurance segment also continued to show positive signs. Although it accounts for less than 10% of the market, written premiums increased by over 6%, mainly supported by credit-related products and group contracts. The number of new contracts also increased.
Overall, the first half of the year shows a stable insurance market, where growth continues to be supported mainly by motor insurance, while claims activity has stabilized, maintaining stable levels in both the value of payments and the number of cases.
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