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,...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2020
Subjects:	INSURANCE FINANCIAL INCLUSION NATURAL DISASTER CATASTROPHE INSURANCE LIFE INSURANCE PRIVATE HEALTH INSURANCE FINANCIAL REGULATION
Online Access:	http://documents.worldbank.org/curated/en/437431577710173970/Albania-Insurance-Market-Development http://hdl.handle.net/10986/33173

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recordtype	oai_dc
spelling	okr-10986-331732021-06-14T09:58:58Z Albania : Insurance Market Development World Bank Group INSURANCE FINANCIAL INCLUSION NATURAL DISASTER CATASTROPHE INSURANCE LIFE INSURANCE PRIVATE HEALTH INSURANCE FINANCIAL REGULATION 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. 2020-01-14T16:45:33Z 2020-01-14T16:45:33Z 2019-12-01 Report http://documents.worldbank.org/curated/en/437431577710173970/Albania-Insurance-Market-Development http://hdl.handle.net/10986/33173 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Sector Study Europe and Central Asia Albania
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	INSURANCE FINANCIAL INCLUSION NATURAL DISASTER CATASTROPHE INSURANCE LIFE INSURANCE PRIVATE HEALTH INSURANCE FINANCIAL REGULATION
spellingShingle	INSURANCE FINANCIAL INCLUSION NATURAL DISASTER CATASTROPHE INSURANCE LIFE INSURANCE PRIVATE HEALTH INSURANCE FINANCIAL REGULATION World Bank Group Albania : Insurance Market Development
geographic_facet	Europe and Central Asia Albania
description	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.
format	Report
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Albania : Insurance Market Development
title_short	Albania : Insurance Market Development
title_full	Albania : Insurance Market Development
title_fullStr	Albania : Insurance Market Development
title_full_unstemmed	Albania : Insurance Market Development
title_sort	albania : insurance market development
publisher	World Bank, Washington, DC
publishDate	2020
url	http://documents.worldbank.org/curated/en/437431577710173970/Albania-Insurance-Market-Development http://hdl.handle.net/10986/33173
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Albania : Insurance Market Development

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