Health insurance products amounted to 4.7m euros in 2017: FSA

Insurance companies in Albania paid about 4.7m euros for private health care services last year.

According to data from the Financial Supervisory Authority, damages in disease insurance products increased by nearly 54% for 2017, with a total value of ALL 627 million.

Now, damages for this product account for nearly 14% of total damages paid by non-life insurers.

This makes the health insurance the class that occupies the second place in the value of damages paid, after motor insurance for third party liability.

In recent years, health insurance is a product that has not brought benefits to insurers, and the technical result, which measures the ratio between claims and premiums, has resulted negative.

For 2017, the damage-premium ratio for this product was 96%, but by calculating commission and sales costs, it can be said that once again this product did not generate profits for insurance companies.

Health insurance has been among the fastest growing products in recent years, also due to the public’s interest in obtaining higher-quality healthcare services at private clinics and hospitals.

However, the market size remains negligible, as with all other voluntary insurance products, with an average per capita premium of no more than 1.7 euros.

SCAN

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