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Unlike in Europe, Albanians insure their vehicles, but not their property.
2026-01-09 16:20:27 / EKONOMI&SOCIALE
Albanians insure their vehicles, but not their property. Data from the Financial Supervisory Authority shows that “motor vehicle insurance” accounts for almost 70 percent of the market, while property insurance accounts for less than 16.4 percent. The rest belongs to life insurance.
"Albanians mainly cover their vehicles with insurance, while protection of private property remains limited. The insurance market for vehicles accounts for almost 70% of all insurance, while property accounts for less than 16.4%. The rest includes life insurance," Mimoza Hajdarmataj, Secretary General of the Albanian Insurers Association, tells A2 CNN.
The positive thing is that from year to year there is an increase in insured properties, especially after the 2019 earthquake. Data from the AMF show that last year over 2.1 billion lek were paid by citizens for their real estate. "However, there is a positive trend. After the 2019 earthquake, the number of insured properties has increased significantly. The latest data shows that last year citizens paid over 2.1 billion lek to cover their real estate," says Hajdarmataj.
According to data, only 5-7% of homes in Albania are insured, making Albania among the countries in Europe with the lowest percentage of home insurance against natural disasters. “The percentage of insured homes in the country is still very low, only 5-7%, placing Albania among the countries with the most limited coverage of property insurance against natural disasters in Europe,” says Hajdarmataj.
Experts underline that expanding property coverage is essential for increasing disaster resilience and strengthening citizens' financial security, making insurance not just an obligation, but an important part of risk management in the country. (A2 Television)
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