FLASH NEWS
The average loss from compulsory motor insurance fell for the second consecutive year in 2024
2025-01-31 07:56:12 / EKONOMI&SOCIALE
The average claim paid by insurance companies for mandatory motor TPL insurance decreased for the second consecutive year in 2024.
According to statistics from the Financial Supervisory Authority (AMF), last year the average claim paid by domestic third-party motor liability insurance decreased to 156 thousand lek, 7.1% less compared to the previous year.
In total, claims paid by insurance companies for this product last year reached 4.27 billion lek, an increase of 26.2% compared to the previous year.
Also, the simple ratio between gross claims paid and gross premiums written increased to 33.6%, from 29.1%
Internal TPL insurance covers the liabilities of drivers for damages caused to third parties.
This legally mandatory insurance also constitutes the main pillar of the insurance market in Albania, with almost 57% of gross written premiums and 54% of gross paid claims in Non-Life insurance.
Detailed technical account statistics from the AFSA show that the mandatory motor insurance product TPL has consistently been profitable for insurance companies in recent years.
Since the beginning of 2025, insurance companies in the country have started applying differentiated premiums for TPL insurance, based on several risk factors.
For most drivers, the new system has brought an increase in the annual compulsory vehicle insurance premium.
In average terms, for all products in the Non-Life market, last year a claim cost Albanian insurers an average of 112 thousand lek or about 1,140 euros.
Data from the AFSA showed that for 2024 the average insurance claim increased by 4.7% compared to the previous year.
The most costly damages in average terms are those to property. Last year, a property damage claim cost insurance companies an average of more than 3.3 million lekë, with a strong increase of 44.6% compared to the previous year.
For motor insurance, including all products, the average claim was 170 thousand lekë, down slightly by 1.3% compared to a year earlier.
Damages covered by green card are much more expensive compared to damages within the country. For 2024, the average damage in the green card product was 892 thousand lek, an increase of 68.4% compared to the previous year.
In total, for 2024, insurance companies paid about 8.66 billion lek in claims, an increase of 24.4% compared to the previous year. The ratio between gross claims paid and gross written premiums also increased to 35.3%, from 30.4% a year earlier./ Monitor
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