The total insurance premium volume rose slightly to 7.1 billion ALL in the period January - October 2011, up 4.5% compared to the same period in 2010. The liberalization of tariffs regarding the compulsory vehicle insurance has contributed to the sluggish growth of the Albanian insurance market.

Revenues from compulsory vehicle insurance have fallen by 25% compared to the previous year, while motor insurance now accounts for 30% of total revenues, down from 41% in 2010, Tv Scan reported on Monday. Insurance companies in Albania paid out damages worth 1.7 billion Leks until the end of October, down 2.6% from last year, according to Albania's Financial Supervisory Authority.

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ALBANIA: Insurance Companies in Albania Paid Out Less in Claims in 2011