INSURANCE MARKET IN ALBANIA

Abstract

limited and completely in the hands of government. During this period in Albania there was only one 
Governmental Institution Savings Bank and Insurance, which focus was on collecting the savings of people, of 
those few savings that had, and security of cooperatives and enterprises of import-export. This institution is 
founded in 1949, at the beginning only with collection of people savings and later on in 1953 even with the 
insurances.  
So, during this period in Albania there were not banks that could offer banking services or insurance companies 
so that they could cover the different risks.  
This article consists in a study of a detailed study of insurance market in Albania beginning from 1953 until 
nowadays. As mentioned before, in 1953 in Albania there was only Governmental Institution Savings Bank and 
Insurance, which was focused only on security of cooperatives and later during 1980s even with that of import
export enterprises. During this period there did not exist other security products and they were limited. The first 
pluralist Parliament of Albania in July 1st 1991 approved the first laws for the foundation of Savings Bank and 
Insurance Institute.