The Life Insurance - How Acceptable are for the Albanians and the Factors Affecting their Level

Filloreta Madani, Oltiana Muharremi, Brisejda Ramaj, Erald Pelari


The insurance market in Albania is a new market but with the rapid development rhythm. Insurance companies are important financial intermediaries in the financial system of the country, after banks which are the main financial intermediaries. Nonbank financial institutions remain relatively small and are not currently a source of systemic vulnerability. In Albania both forms of insurance are developed: life insurance and non life insurance. Non-life insurance dominates the insurance market in Albania. The life insurances are less developed; this phenomenon was observed in all developing countries. But what factors are affecting the Albanian demand for life insurance? We have based our study the analysis of data for the insurance companies and the survey method (personal interviews). The data were collected from 200 individuals with age, occupation, level of education and income level than the southern part of the country. Surveys were conducted in urban and rural areas. The data analysis and other factors that affect the demand for life insurance, is made on the basis of the regression analysis and the use of Cross Tabs. Objectives: - To know costumer’s preference and attitude for life insurance policies according to their demographic factors. - Find out purpose for buying life insurance. - Find what factors are affecting the Albanian demand for life insurance.

DOI: 10.5901/ajis.2014.v3n3p243

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Academic Journal of Interdisciplinary Studies ISSN 2281 3993(Print) ISSN 2281-4612(Online)

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