Insurance market is safe, says FSA

TIRANA, Sep 23ؔhe Financial Supervisory Authority has kept a close watch over the latest development in neighboring Greece where the insurance market was hit by the latest crisis. Five Greek insurance companies lost their license after the Greek FSA found out the companies were not able to cover all their financial obligations toward their customers and their employees. The five companies insured a market of close to 1million people.
At least two of those companies are present in the Albanian market holding shares in Albanian Insurance companies. FSA cam out with a statement ensuring the Albanian clients that the local market is safe and insurance companies were not affected by the current crisis across the border.
“Albanian insurance market shows a healthy financial situation and is not affected by current events in the neighboring Greece or by the global financial crisis. Each Insurance company Albania has a minimal capital of 3 million euro according to EU requirements, which is 100% invested in deposits in the Albanian banking sector and treasury bills of the Albanian Government. The majority of the insurance market is concentrated domestically consists in short-term tradition products for non-life and life insurance policies,” FSA sated in its statement.