Private pensions and insurance, close to EU standards? - EIOPA Director: Very good progress. Awareness campaign for life and property
Albania has made very good progress in implementing the law on private insurance and pensions in line with European Union standards. During the Annual Global Conference of the International Organization of Insurance Supervisors 2025, which is being held for the first time in Tirana, the Director of the European Insurance and Occupational Pensions Authority (EIOPA) stated that Albania has a clear action plan in terms of implementing the standards required in the EU for private insurance and pensions, while good results are expected in early January.
Regarding the dominance of the insurance market by the MTPL product, Hielkema emphasized that awareness campaigns are needed among citizens to encourage them towards other voluntary products such as life and property insurance.
“Firstly, there is the path towards Solvency II to make sure that you implement the chapter and the overall EU accession process. Then there is a second question of how you can develop your market, but in many ways Albania is not completely different from some Member States. Many Member States have a dominant motor insurance market that is a compulsory market, they have little property and little yet in pension savings. So what I think we can do is work together to think about how to help people understand that it is good to save for retirement and start early, how to help people protect their property, how to help farmers protect their crops from all the weather events that we see. This is definitely a problem, a challenge that we need to address, but it is not something specific to the Albanian market. There are many other markets, including the EU, that are facing this challenge”, said the EIOPA Director.
But will the insurance market in Albania change with entry into the single European market? Will it become more competitive?
"Based on my experience, I see that the single market in each member state has not completely eliminated domestic players, there are always domestic players, every country has small domestic players, but it has also undoubtedly introduced some new products from players who are more European and offer products based on the freedom of services."
This Conference is attended by 500 high-level representatives from insurance regulatory authorities, the international insurance industry, as well as international financial institutions.
"The effect of the exchange rate on the decrease in borrowing, only 0.7%" - Malaj: We have taken measures against possible fluctuations
The depreciation of the euro against the lek this year has had a minimal effect on reducing public debt, which is projected to follow a downward trajectory......
Semiconductors, the "engines" of AI - AMD predicts tripling of chip revenue by 2030
Advanced Micro Devices (AMD) announced that it expects to reach $100 billion in annual chip revenue within the next five years, tripling profits. Since......
Albania, at the top of Europe for commercial flights/ 173% more than before the pandemic, October reaches its peak
Commercial flights are an important indicator of tourism performance and population movement, both domestic and foreign. Albania has seen a significant......
Is AI a necessity in tourism? - Ozuni: It will never replace the individual in this sector
Artificial Intelligence has touched almost all sectors, while Minister of Tourism Blendi Gonxhja, in Riyadh, Saudi Arabia at the UN Tourism General......
The capital is “born”, the suburbs are “withering”/ The contrast of Albanian demography. Most regions are experiencing natural decline
In the third quarter of 2025, the natural increase of the population in Albania has increased, reaching 1,347 more births than deaths, according to official......
Digital Albania, closer to Europe - Vienna Institute: Leader in the region for electronic public services
An assessment comes from the Vienna Institute for International Economic Studies Austria and Think Europe Slovenia, within the framework of the "Converge2EU"......
EU plans to create an intelligence unit - The initiative aims to strengthen European security, but there is no shortage of criticism
European Commission President Ursula von der Leyen plans to create an EU intelligence unit that will collect information from member states' security......
Germany, over 26 billion euros for army modernization - Investments include uniforms, personal equipment and armored vehicles
Germany plans to allocate nearly 19 billion euros to equip soldiers with new uniforms and personal equipment over the coming years, as well as another 7.5......
