The liberalization of tariffs regarding the compulsory vehicle insurance has led to lower revenues for insurance companies operating in the Albanian market. The total compulsory vehicle insurance premiums in the period January-September 2011 were ALL 3,009 million, down 7.82% compared to the same period the previous year, according to Albania's Financial Supervisory Authority.

Insurance premium revenues in January - September 2011 were about ALL 6,538 million, or 4.74% more than the same period in 2010. The market continued to be dominated by non-life insurance, which accounted for 87.52% of the total premium volume. Meanwhile, the number of concluded insurance contracts in this period reached 993,807, almost the double of the number of contracts registered in January - September 2010.

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ALBANIA: Liberalization of Compulsory Motor Insurance Leads to Lower Revenues for Insurance Companies