The Dynamics of Albanian Insurance Market and Its Importance in Economic Development
The Dynamics of Albanian Insurance Market and Its Importance in Economic Development

Author(s): Klaudia Lipi
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Insurance market; Economic stability; Regulatory constraints; Market dynamics; Socio-economic factors
Summary/Abstract: The insurance market plays a crucial role in promoting economic stability and mitigating risk within any economy. The primary objective of this research is to provide a complete understanding of the dynamics of the insurance sector in Albania, analyzing the main factors that influence its growth and development. The study uses a mixed methods approach, combining quantitative data analysis with qualitative insights drawn from expert interviews, policy documents and industry reports. Identifying the challenges, especially after the Covid-19 pandemic is a critical aspect of this study. The research identifies and assesses barriers to market potential, including limited public awareness of insurance, regulatory constraints and the impact of socio-economic factors on consumer behaviour. These challenges are contrasted with opportunities such as the untapped potential of digitization and advances in technology, which could reshape the industry’s trajectory. Also, the findings of this research can serve as a valuable resource for policymakers, industry actors and researchers interested in understanding and contributing to the growth and development of the insurance sector in Albania. Additionally, the analysis contributes to the broader discourse on insurance market dynamics in emerging economies, shedding light on the unique challenges and opportunities such markets face.

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