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Economic and Financial Impact of the Covid-19 Pandemic on the Insurance Market in Albania, Serbia and North Macedonia

Author

Listed:
  • Ervin Koçi

    (University of Tirana)

  • Valter Hoxha

    (Mediterranean University of Albania)

  • Florjan Bombaj

    (Mediterranean University of Albania)

  • Sulo Haderi

    (Mediterranean University of Albania)

Abstract

As in many parts of the world, the Covid-19 sanitary pandemic has hit very hard the economies of the countries of the Western Balkans. The economy faced a “shock” both on the supply and on the demand. Most economic sectors were paralyzed. One of these sectors is the insurance market, which represents a relatively important weight for the economic and financial sector. The purpose of this article is to analyse the impact of Covid-19 on the insurance market in the three countries of the Western Balkans: Albania, Serbia and North Macedonia. Based on the specifics of this crisis and particularly that of the insurance sector, the purpose of this article is to verify the impact of Covid-19 on the insurance market and specifically, on the volumes of gross annual premiums. To verify it, we have analyzed the annual data of this sector, before the pandemic and throughout the pandemic. The results show that the Covid-19 pandemic for Albania and North Macedonia has had a negative impact on the market of this sector, while for Serbia we have an increase in the annual data.

Suggested Citation

  • Ervin Koçi & Valter Hoxha & Florjan Bombaj & Sulo Haderi, 2021. "Economic and Financial Impact of the Covid-19 Pandemic on the Insurance Market in Albania, Serbia and North Macedonia," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 17(5), pages 7-21, OCTOBER.
    • Handle: RePEc:dug:actaec:y:2021:i:5:p:7-21
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