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The Life Insurance Market in Albania and the Factors that Affect its Development

Author

Listed:
  • Jonida Bicoku

    (University of Elbasan ”Aleksander Xhuvani”, Faculty of Economics, Head of Economics Department, Albania)

  • Fatmir Memaj

    (University of Tirana, Faculty of Economy, Deputy Dean, Albania)

Abstract

Life insurance companies play a very important role in the financial sector. Life insurance provides individuals and the economy as a whole, a lot of important financial services. This is one of the main reasons for addressing this topic. In this paper is presented an overview of the progress of the development of the life insurance market among years and recently its trend and current position is shown. There are insurance companies that offer life insurance service in our country, their products are presented to detailed. There are several factors from different fields that directly or indirectly affect promoting the development of the life insurance market. They are presented explained and shown and their progress in parallel with the life insurance market. The special feature of this paper is an econometric study, which explains the relationship that exists between the credit factor mortgage and life insurance. The role of AMF, (Financial Supervision Agency), is mentioned as quite important in the development of the insurance market. The measures taken and targeted remain an objective quite important, on which the performance of the life insurance market depends.

Suggested Citation

  • Jonida Bicoku & Fatmir Memaj, 2022. "The Life Insurance Market in Albania and the Factors that Affect its Development," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 8(3), pages 39-45, August.
    • Handle: RePEc:mgs:ijoied:v:8:y:2022:i:3:p:39-45
    DOI: 10.18775/ijied.1849-7551-7020.2015.83.2004
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    More about this item

    Keywords

    Insurance; Mortgage loan; Life insurance;
    All these keywords.

    JEL classification:

    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General

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