Klaudia Lipi – Faculty of Economics, Fan S. Noli University, Bulevardi Rilindasit 11,7001, Korçë, Albania
Keywords:
Insurance market;
Economic stability;
Regulatory constraints;
Market dynamics;
Socio-economic factors
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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LIMEN Conference
9th International Scientific-Business Conference – LIMEN 2023 – Leadership, Innovation, Management and Economics: Integrated Politics of Research – CONFERENCE PROCEEDINGS, Hybrid (Graz University of Technology, Graz, Austria), December 7, 2023
LIMEN Conference Proceedings published by the Association of Economists and Managers of the Balkans, Belgrade, Serbia
LIMEN Conference 2023 Conference Proceedings: ISBN 978-86-80194-78-3, ISSN 2683-6149, DOI: https://doi.org/10.31410/LIMEN.2023
Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission.
Suggested citation
Lipi, K. (2023). The Dynamics of Albanian Insurance Market and Its Importance in Economic Development. In V. Bevanda (Ed.), International Scientific-Business Conference – LIMEN 2023: Vol 9. Conference Proceedings (pp. 149-158). Association of Economists and Managers of the Balkans. https://doi.org/10.31410/LIMEN.2023.149
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Additional reading
Albanian Financial Supervisory Authority (AFSA). (n.d.). https://amf.gov.al
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