Insurance companies have considerably increased payouts for accidents during 2018.

The Director of the Supervisory Authority, during reporting to the Economy Committee, stated that, during 2018, companies paid over 1 billion lekë over the full year, compared to about 200 million lekë in the first months of 2019.

Director of the Financial Supervisory Authority, Ervin Koçi, in reporting to the Economy Committee, also stated that there was an improvement in the report of the damages to premium ratio, which, for the first time, reached 42%.

“We conduct inspections every three months in every society to see the progress of payments and any delay that can be solved by insurance companies.

“Even for the first quarter, the figure paid put by the entire insurance market was about 2 billion lekë.

“Even companies have realized that this is their responsibility, that payment of damages increases confidence in the market,” explained Ervin Koçi.

The Economy Committee appreciated the work of the Financial Supervisory Authority, while looking for more attention on consumer protection.

“We will hold more frequent meetings, so that the main issues, especially those of life, voluntary pension, capital market, move a bit faster,” said Arben Ahmetaj.

Soon, the Financial Supervisory Authority will monitor the whole process of paying out damages to customers, ensuring transparency throughout every phase of the process.