The insurance market grew by 9% last year. According to data from the Financial Supervision Authority, the amount paid was 220 million euros, while the insurance companies have settled damages worth 67 million euros.

The insurance market in Albania has grown by 9% during 2023. The data published by the Financial Supervision Authority show that last year Albanians paid 220 million euros for life, property and car insurance.

The entire amount coincides with the issuance of 1.5 million contracts, which have also increased in number by 11% compared to 2022.

The insurance companies say that they have cut more insurances for the cars, at the same time also green cards, these contracts are paid at the Albanian customs at the time of leaving the country.

Being mandatory contracts, they indicate an increase in the number of cars in Albania and at the same time the tendency to increase private trips abroad.

The market remains oriented towards car and property insurance, which brought 92% of the total volume, and Life insurance which took 8% of the total.

During 2023, the gross damages paid reached about 67 million euros, of which 46 million were only the damages paid for cars involved in accidents.