Life insurance products on the rise by 27%
The market of life insurance is growing at the beginning of this year.
According to data from the Financial Supervisory Authority, the gross premiums of life insurance for the first four months of 2017 have expanded by 27% compared with a year ago.
In overall, life insurance companies cashed about ALL 345 million in premiums.
The increase with rates higher than the market average has prompted the specific weight of life insurance in the insurance industry to grow to 7.3%, from 6.5% in the same period a year ago.
However, the share of life insurance market remains quite low compared with developed markets.
Life insurance in Albania continues to be dominated by practically mandatory products, especially from the debtor’s life.
This class of insurance grew by 46% during the first four months, for a total premium of 231 million.
Currently, the debtor’s life makes up about 67% of the total volume of insurance premiums.
This product is associated with bank loans. As it is known, for loans at high amounts, banks require several guarantees, and one of them is insuring borrower’s life.
The insurance premium is calculated depending on the loan amount that is provided.
SCAN
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