Insurance on the rise, 18.3 billion lek in premiums and 6 billion lek in claims in 8 months

The Albanian insurance market continues to expand. In the first 8 months of the year, insurance companies collected about 18.3 billion lek in gross written premiums. According to data from the AMF (Financial Supervisory Authority), this is an increase of 2.4% compared with the same period last year.

But the increase is even more noticeable in claims. Companies paid about 6 billion lek in claims, or 9% more than a year earlier. The market continues to be dominated by Non-Life insurance, which makes up more than 91% of the total.

Within it, compulsory motor insurance carries the main weight. Motor premiums reached 11.5 billion lek, up 4%, while claims paid for road accidents rose by over 9%, to 3.9 billion lek.

Insurance against fire and natural disasters has also brought more payments. In this category, claims paid rose by 14%.

Meanwhile, Life insurance marked an increase of 6.2%, passing 1.6 billion lek in premiums. The number of claims paid in this segment rose by almost 23%, influenced also by products linked to bank loans.