Albania : Insurance Market Development
The insurance industry in Albania is relatively new. Prior to 1991, there were no insurance companies operating in the country. The insurance industry has been undergoing critical changes during the last decade. The life market in Albania is small,...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2020
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/437431577710173970/Albania-Insurance-Market-Development http://hdl.handle.net/10986/33173 |
| Summary: | The insurance industry in Albania is
relatively new. Prior to 1991, there were no insurance
companies operating in the country. The insurance industry
has been undergoing critical changes during the last decade.
The life market in Albania is small, and still dominated by
credit life insurance. Life insurance was introduced only in
1997 and made up about seven percent of gross written
premiums. Risk based supervision was rolled out in 2016,
starting with comprehensive on-site inspections in three
non-life insurance companies using the risk-focused
methodology. The RBS method led to a market database that
helps evaluate the risk profile of each insurance company,
as well as the risk level of the insurance market as a
whole. The country’s good economic development in the last
two decades has contributed to the insurance market’s
development, but so have good policy choices informed by
technical assistance projects and other interventions by the
World Bank Group and the FIRST trust fund. Without aspiring
to the impossible task of attributing causal relationships
between these interventions and specific market
developments, this report will nonetheless suggest what role
these interventions may have played in developing Albania’s
insurance market, so as to guide the way forward in this
country and future developmental strategies of other countries. |
|---|