Lajme flash
Albania exposed to millions of euros in damages, properties still uninsured
2026-08-10 10:07:17 / EKONOMI&SOCIALE
If, according to INSTAT, an Albanian family in 2024 spent an average of 93 thousand lek per month, not even 0.3% of these monthly expenses went to property insurance. While, on the other hand, the risks from accidental events and natural disasters are increasing. We also note this fact in the report of the first 6 months of 2026 of the insurance industry, according to which property claims increased by 84.18% compared to the previous year, this is two-way evidence: both for the increase in claims in the country, and for the increase in support from companies for insured risks.
Alarms from the continent
The negligence of Albanian citizens is not justified by official figures and alarms are also sounding internationally. The European system for monitoring forest fires, EFFIS, includes Albania in areas with medium to high risk of natural fires. The case of the flames on Mount Kruja did not leave much room for discussion. The whole of Europe is on fire alert and interstate assistance in periods like these becomes impossible and the importance of the financial protection mechanism through insurance is irreplaceable. On the other hand, as if to support this need, accidental fires are being reported daily in local media news reports, especially with the arrival of the tourist season.
The continental centers specialized in seismology, EFEHR Risk Maps, list Albania among the 5 European countries with the highest earthquake risk in Europe. The situation is also not promising when it comes to floods.
The professional platform FloodMap classifies about 1/5 of the Albanian territory, especially the Western Lowlands, as being at constant risk of flooding.
PELR, Pan-European Landslide Risk, as a platform, identifies at least 2/5 of the country's territory as having a medium-high or high risk of landslides.
In other words, Albania is exposed to all natural and accidental risks to property. Statistics do not support the negligence of Albanians to insure their property, especially in view of the fact that each of these risks is insurable.
Study of the domestic insurance market
Sigurime.Online, a specialized portal for the insurance and reinsurance sector, estimates that property insurance remains among the least used financial protection instruments in Albania. According to them, if the pace of claims in the first 6 months of the year continues in the second half, the potential exposure to uninsured claims could reach around 164 million euros (as a minimum bill), for families and businesses throughout 2026.
This study was conducted according to a conservative economic simulation and was based on AFSA, INSTAT and historical industry data, assuming that the frequency and average size of claims will remain similar to the first 6 months and that the average exposure is the same for insured and uninsured units.
Sigurime.Online also brought other data: property insurance accounts for only 10.6% of insurance purchased in 2026; out of about 123 thousand businesses and 755 thousand households, only about 5 thousand businesses and 40 thousand households have property insurance. Starting from 408 million lek in damages in 6 months, the study projects over 816 million lek for the entire year (given that the second 6 months always see an increase), of which 80% for businesses and 20% for individuals. On this basis, the potential uninsured damage is estimated at about 12.4 billion lek for businesses and 2.9 billion lek for households, bringing the total uninsured exposure to property damage to over 15.3 billion lek, or 164 million euros.
Benefits of property insurance
In Albania, companies like SIGAL offer specialized coverage for each of the risks that threaten the country. Once damage occurs, insurance helps in a quick return to normality through compensation, according to the conditions previously agreed upon through the contract with the insurer and the policy coverage. Over 1 in 3 compensations that the insurance industry with 8 operating companies paid for property damage, in the first 6 months of 2026, were paid by SIGAL INSURANCE GROUP. SIGAL INSURANCE GROUP also accepts insurance for objects with a coverage limit of 70 million euros, thanks to cooperation with leading reinsurance companies in the world.
In the first 6 months of 2026 alone, the company paid its clients 144.7 million lek out of 407.7 million that the entire market with eight operating companies compensated. Companies like SIGAL INSURANCE GROUP offer the domestic market products with the highest standards and the same as in the West, as well as fast and correct compensation. Negligence to insure properties, in the face of the risks we listed above and the opportunities offered by the market, is not justified by any factor.
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