Insurance companies spent 44% more for damages in the first semester of 2017

The first half of 2017 closed with a significant increase in insurance claims.

According to data from the Financial Supervisory Authority, for the six-month period the damages have increased by 44% over the same period last year.

Even the ratio between claims and premiums is also very high for the Albanian insurance market, at 36%.

In value, the high increase in damages has come especially from compulsory motor insurance classes, mainly in the green card section, which includes damages paid for accidents abroad.

But a high increase in paid damages has also been recorded in some of the voluntary insurance classes, such as property damage insurance, accident insurance, and health insurance.

Damages have increased not only in value, but also in number of cases, by 59% compared to the previous six months.

Regarding premiums, the insurance market is up by 12% compared to the first half of 2016.

Compulsory motor insurance dominates the structure of premiums, with 63% of the total.

Some of the premium insurance classes are the insurance against property damage, the accident insurance, and the ship and aircraft insurance.

However, these categories have relatively low weight in the structure of premiums.

For the six-month period of 2017, the life insurance market recorded a somewhat higher growth than the market average, up 23% compared to the same period a year earlier.

However, the share of life in the insurance market remains relatively low, with about 7.6% of total premiums.

SCAN

*Material i përgatitur nga portali SCAN. Ripublikimi mund të bëhet vetëm kundrejt citimit të autorësisë dhe burimit origjinal.