Albanians have not learned from tragedies and crises, and they only secure their property and lives when forced to.
Even after the earthquake and pandemic wave, Albanians only pay for mandatory insurance, such as that required by a bank when taking out a loan or by the state when driving a vehicle.
According to data from the Financial Supervision Authority, the value of insurance contracts climbed by ALL 241 million in the first quarter of 2022, reaching approximately ALL 4.2 billion, with insurance for vehicles and property accounting for the lion’s share.
The debtor’s life insurance market has increased somewhat from ALL 204 million in 2021 to around ALL 240 million in 2022, a 16 percent rise. Meanwhile, Albanians continue to believe that property insurance is unnecessary and that they should not contribute willingly to the country’s long-term security. This is also evident in data on insurance against natural disasters and fire, which has decreased by more than 15%.
Mandatory car insurance continues to dominate the market, accounting for 70% of the total. The figure will rise from 2.2 billion in 2021 to 2.5 billion in 2022. The green card product experienced the greatest growth, owing to the return of Albanians leaving the country in their vehicles. Domestic motor insurance, despite being the product with the most weight in the market, had an increase in both value and number of contracts.