Compulsory insurance – Companies profit about 4.6 million euros
Last year, insurance companies earned ALL 580 million or about 4.6 million euros from compulsory motor insurance. Detailed data from the Financial Supervisory Authority showed that the main product of the insurance industry, but also the one that causes the most damages, in fact resulted profitable. Moreover, the 2017 result was the highest in the last five years.
The ratio between claims and premiums for this product was around 28%, in line with the Albanian market average but very low compared to other markets. Albanian companies continue to have completely abnormal reports, as premiums go higher for insurance and administrative costs rather than for paying damages.
Insurers continue to have large sums of outstanding liabilities to the compensation fund of the Albanian Insurance Bureau. These obligations relate precisely to the damages caused to persons insured by other uninsured or unidentified means. According to the Financial Supervisory Authority, outstanding liabilities amount to around 1.7 billion or 13 million euros.
According to the financial reporting of the subjects, the total result for all non-life insurance companies last year was ALL 958 million or 7.5 million Euros.
SCAN
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