Albanian Insurers Association: Insurance Market support for its clients to alleviate the consequences caused by COVID / 19.

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An official statement issued these days by the "Albanian Insurers Association" emphasizes the maximum support that the Insurance Market offers to customers, in reducing the consequences that are causing in the Economy the impact of the pandemic COVID / 19. Also confirms the continuation of payments for damages in connection with the earthquake of 26 November.

Full statement

The insurance market, as an important part of the financial market, is working intensively in support of businesses and citizens, to minimize the consequences caused by COVID-19.

Despite the decline in market revenues as a result of restrictions imposed by the government, insurance companies have continued to indemnify their customers regularly and quickly, significantly contributing to minimizing the financial consequences in this difficult situation for them. .

The compensation caused by the damages caused by the earthquake of November 26 has continued regularly, where over 5000 cases of damages have been identified and followed up, with a compensation value of about 30 million euros.

Also, it is worth noting that only for the first 2 months of this year (January-February), were paid a total of about 14 million euros in damages or twice the damages paid in the corresponding period of a year ago (January-February 2019 ).

Insurance companies are staying close to customers and supporting them for all their insurance claims, offering service on their premises, in classic sales forms or online, as well as sending them policies of securing customers at their location.

We understand better than anyone else this unusual situation, so we are living with the worries and concerns of every police officer, to find ways and opportunities to protect their interests.

Market specialists recommend that businesses and individuals be vigilant and careful, to ensure in any case that they may face risks, including life and health, property, business, etc.

Meanwhile, the Albanian Insurers Association together with the Authority of
Financial Supervisors express their concern about the high level of unsecured assets, a level which is currently around 20 % of total registered assets.

Damages caused by assets that do not have compulsory TPL insurance continue to be a major problem for the insurance market, as their values are totally borne by insurance companies, unfairly burdening their financial balance sheets.
Currently, over 3000 uninsured persons are debtors to the Albanian Insurance Bureau as causes of damages exceeding the value of 38 million euros.

On the other hand, in cases of accidents caused by uninsured persons, the driver of the vehicle will face a lawsuit such as
debtor to the BSHS and does not receive compensation either as a driver or for his family members.

We ask the citizens not to move with vehicles that are uninsured, because with the accidents they can cause they will not have any legal opportunity to receive compensation and in this way they would create financial inconvenience and damage. themselves and their family.

We inform our customers that the insurance of the vehicle is related to its license and this insurance can be suspended only if the license is suspended, otherwise any other action is considered abusive and illegal, for which they must
addressed to supervisory authorities.

The Association of Insurers of Albania guarantees its clients that the insurance market will continue to work with dedication and professionalism, to support citizens and businesses in their activity, to ensure maximum protection against the consequences that bring various risks in the life of their daily.

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