During January-May 2023, gross damages paid in the insurance market amounted to approximately 2.7 billion Albanian lek, or 0.3% less than the first five months of 2022.

This decrease was mainly due to the impact of property insurance, resulting from the completion of compensation payments for earthquake incidents in 2019.

The majority of the damages paid during this period belonged to the car insurance market, amounting to 1.9 billion Albanian lek.

According to the report published by the Financial Supervisory Authority, the value of assets from insurance reached around 8.9 billion Albanian lek.

The document shows that during the January-May period, the number of insurance contracts reached 505,000, a 13% increase compared to the same period one year ago when 445,000 contracts were signed.

The Financial Supervisory Authority estimates that the market remains oriented towards car and property insurance, which accounted for 92% of the total volume of premiums, while life insurance policies accounted for 8%.

Voluntary insurance represents 46.5%, while gross written premiums of mandatory insurance account for 53.5% of the total market.