Insurance companies increase profit

The latest data from the Albanian Financial Supervisory Authority show that insurance companies had a good start during the first quarter 2008. Reports shows that in the period January-April 2008, Albanian insurance companies signed 178,124 new insurance contracts, or 16.64 percent more than during the same period last year. The increase in the number of contract was accompanied by a rise in the total volume of premiums collected by the insurance companies. In total, insurance companies collected, as premiums, ALL 2,054 million or 14.73 percent more than during the same period in 2007. At the same time, Albanian insurance companies have paid only ALL 87 million in damages during the period January- April, or 21.48 percent less than during the same period in 2007.
According to the Albanian Financial Supervisory Authority, the insurance market is still dominated by the non-life insurance products. Non-life products contributed some 92 percent of the volume of collected premiums. The life products, mostly the product, Debtor’s life, contribute a mere 8 percent to the volume of premiums signed by the insurance companies. Compulsory third party vehicle liability remains the most profitable product for Albanian insurance companies. Also, vehicle liability contributed nearly 62 percent of the total volume of premiums collected by the insurance companies. (Tirana Times Staff)