Visa-free travels revive insurance market
31/08/2011 08:15
“Millions of euros in avoided tax obligations”, PM Rama criticizes the prosecution on fiscal evasion 07/05 16:06
The social insurance market has had a significant growth of new
contracts for the period January-July. According to the Financial
Supervision Authority (FSA), the insurance revenues grew with 5.2
billion ALL, or 7.8% more than in the same period of one year ago,
according to “Shqip” newspaper.
“During the period January-June 2011, the number of new insurance contracts increased to 756,821, doubling the number of contracts compared to the same period of one year ago”, says the report that was published some days ago. It seems that the trips of the Albanian citizens to foreign countries after the visa liberalization have significantly increased the number of new insurance contracts, since life insurance is one of the conditions for traveling to Schengen countries.
But the market keeps staying oriented towards non-life insurances, which make 87.3% of the total, leaving only 12.51% to the life insurances and 0.18 to reinsurance activities. Seen from the market share point of view, ranked by obligatory and voluntary insurance types, the voluntary insurances take 55.59% of the total, and the obligatory vehicle insurances are 44.14% of the market.
FSA also declares that the obligatory insurances reached 2.308 million ALL, or 5.84% less than in the same period of one year ago. As for the production of the domestic MTPL, during the period January-July of 2011 there was a decrease of 22.69% of the gross written premiums, while the number of new contracts increased with 2.35%, compared to the same period of January-July 2010.
The Product for Border Insurance, during January-July 2011 had an increase of 0.32% for the gross written premiums, accompanied by a decrease of the new contracts of 9.08, compared to the same period of one year ago.
A significant increase had the product “Green Card”, with an increase of 52% for the gross written premiums, accompanied by an increase of the new contracts with 40.69%, compared to the same period of one year ago.
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