Insurance damages rose by 60% in the first five months of 2017

The first half of the year is resulting damaging for the insurance market in Albania.

According to data from the Financial Supervisory Authority for the five-month period, claims have increased by 60% over the same period of the previous year.

In May, the increase in damages has slowed down somewhat, but, however, it remains in unusual levels.

The ratio between claims and premiums is also very high for the Albanian insurance market, at about 39%.

The high level of damages is related to compulsory motor insurance classes, especially the “green card”, 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 and accident insurance.

Damages have increased not only in value, but also in number of cases, by 55% compared to the previous five months.

Regarding premiums, the insurance market remains on the rise, but at a slow pace in May.

The value of insurance premiums increased by 11%, from 14% that it was during the first four months of the year.

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

SCAN

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