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While this summer Albania has set a record in terms of the number of foreign tourists, a very high number of Albanians have preferred to travel abroad during the summer season. The devaluation of the euro, especially during June and July, is believed to have been one of the main factors for this movement.
One of the indicators that clearly expresses this trend is the green card, the insurance that pays for every vehicle that leaves the Albanian border. The number of green card contracts for this summer is about 50% higher than a year ago.
The Financial Supervision Authority reports that the Green Card product in the period January-July 2023 had an increase in the number of contracts of 48.25% compared to January-July 2022. This was also accompanied by a 4.17% increase in the volume of gross written premiums.
In total, for the first 7 months of the year, about 10 million euros were paid in the green card portfolio. The border crossing insurance product has also shown an approximate upward trend.
For the period January-July 2023, there was a 4.46% increase in the volume of gross written premiums compared to January-July 2022. The number of contracts also increased by 18.40%.
As for the vehicle insurance market in total, compulsory motor insurance premiums, during January-July 2023, reached about 7.5 billion ALL, about 75 million euros, or 7.81% more than in the period January-July 2022.
The domestic MTPL product, in January-July 2023, had an increase of 8.58% in the volume of gross written premiums. This was also accompanied by an increase in the number of contracts of 9.76% compared to the same period of the previous year.
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