Financial Supervision Authority says Albania continues to be one of the countries with the lowest annual consumption per capita of insurance.
TIRANA, June 21 – Residents of Tirana pay the highest amount for insurance compared to the rest of the country, according to the latest report by the Financial Supervisory Authority.
Albanians pay on average 20 dollars annually for compulsory and voluntary insurance of vehicles, property and life. Residents of Tirana paid an average of 50 dollars, followed by those of Fier and Durres at 30 dollars and 20 dollars per capita. The amounts in Northern Albania were lower, with an average of 10 dollars per capita.
The latest study of the Financial Supervisory Authority on the geographical distribution of insurance says in 2009 residents of Albania spent about 75 million dollars for various insurance contracts, and 15 million dollars were paid in damages.
According to the Financial Supervision Authority, Albania continues to be one of the countries having the lowest annual consumption per capita of insurance.
In European countries insurance value per capita is around 100 dollars, while annual consumption in Western countries for individual insurance goes up to 2,500 dollars.
Income from life insurance increased significantly, especially for capital, because often life insurance is required to get a bank loan, but also because of an increased awareness about life insurance products.
According to the latest data by the Financial Supervision Authority, Tirana Prefecture has 80 percent of the market of life insurance.
The data also indicates that large districts, where businesses and banks are concentrated have the highest spending on property insurance.
