{"id":8574,"date":"2012-04-20T12:32:48","date_gmt":"2012-04-20T12:32:48","guid":{"rendered":""},"modified":"2022-05-06T09:53:03","modified_gmt":"2022-05-06T09:53:03","slug":"which-insurance-company-pays-more-claims","status":"publish","type":"post","link":"https:\/\/ndiqparate.al\/?p=8574&lang=en","title":{"rendered":"Which Insurance Company Pays More Claims?"},"content":{"rendered":"<div style=\"text-align: justify;\">Open Data Albania has conducted a research on the claims paid by the insurance companies. This research is based on the data provided by FSA (Financial Supervising Authority).<p><\/p>\n<p>The insurance market is a very important part of our financial system. It includes the private and state owned companies which are in the business of insuring individuals and businesses. In order to benefit from the insurance coverage, individuals and businesses pay an insurance premium to protect themselves against specific events, and in case these events materialize, they are paid a pre-determined amount by the insurance company. <\/p>\n<p>Life insurance is offered to individuals in the event of their death or another individual insured by the insurer through a life insurance policy. Non-life insurance icnludes all insurance related services which are not included in life insurance policies (such as real estate properties, health insurance, car insurance, etc).<\/p>\n<p>During the last five years, the average of the reimbursed damages versus the premiums received by the insurance companies for the non-life insurance market results as follows:<\/p>\n<p>  <script type=\"text\/javascript\" src=\"http:\/\/ajax.googleapis.com\/ajax\/static\/modules\/gviz\/1.0\/chart.js\">{<br \/>\n\t\"chartType\":\"ColumnChart\",<br \/>\n\t\"chartName\":\"Chart 1\",<br \/>\n\t\"dataSourceUrl\":\"https:\/\/docs.google.com\/spreadsheet\/tq?range=A3%3AB11&key=0Agylwmr5tEbVdG90MU5DWUZhM1JtMEN4dWxYU1AxblE&gid=0&headers=-1\",<br \/>\n\t\"options\":{\"width\":600,\"height\":371,\"title\":\"Average of the ratio of paid claims to premiums received (2006-2011) Non-Life Insurance Category\",\"legend\":\"right\",\"isStacked\":true,<br \/>\n\t\"hAxis\": {\"title\": 'Insurance Company', \"titleTextStyle\": {\"color\": 'red'}},<br \/>\n\t \"vAxis\": {\"title\": 'Value in %', \"titleTextStyle\": {\"color\": 'red'},\"minValue\":0},<br \/>\n    \"labelPosition\":\"right\",\"is3D\":true,\"hasLabelsColumn\":true,},<br \/>\n    \"refreshInterval\":5,<br \/>\n    }<br \/>\n  <\/script><br><sup>Source: Financial Supervising Authority<br>Data for 2011 is as of April<br>Analysis and comments: Open Data Albania<\/sup><\/p>\n<p>During 2006-2011, the company with the highest ratio of paid claims\/premiums received was INSIG (37.6%), followed by Atlantik (31.7%) and Sigma (29.7%).<\/p>\n<p>Meanwhile in the life insurance market, the average of the ratio of paid claims\/premiums received by the insurace companies is shown in the chart below:<\/p>\n<p>  <script type=\"text\/javascript\" src=\"http:\/\/ajax.googleapis.com\/ajax\/static\/modules\/gviz\/1.0\/chart.js\">{<br \/>\n\t\"chartType\":\"ColumnChart\",<br \/>\n\t\"chartName\":\"Chart 1\",<br \/>\n\t\"dataSourceUrl\":\"https:\/\/docs.google.com\/spreadsheet\/tq?range=A26%3AB29&key=0Agylwmr5tEbVdG90MU5DWUZhM1JtMEN4dWxYU1AxblE&gid=0&headers=-1\",<br \/>\n\t\"options\":{\"width\":600,\"height\":371,\"title\":\"Average of the ratio of paid claims to premiums received (2006-2011) Life Insurance Category\",\"legend\":\"right\",\"isStacked\":true,<br \/>\n\t\"hAxis\": {\"title\": 'Insurance Company', \"titleTextStyle\": {\"color\": 'red'}},<br \/>\n\t \"vAxis\": {\"title\": 'Value in %', \"titleTextStyle\": {\"color\": 'red'},\"minValue\":0},<br \/>\n    \"labelPosition\":\"right\",\"is3D\":true,\"hasLabelsColumn\":true,},<br \/>\n    \"refreshInterval\":5,<br \/>\n    }<br \/>\n  <\/script><br><sup>Source: Financial Supervising Authority<br>Data for 2011 is as of April<br>Analysis and comments: Open Data Albania<\/sup><\/p>\n<p>During 2006-2011, in the non-life insurance market, the company with the highest ratio of paid claims\/premiums received was Sigal Life (8.9%), followed by INSIG (8.5%) and Sicred (6.9%). In absolute terms, during 2006-2011, the company that has paid the largest amount of claims in the non-life insurance market is SIGAL (2.52 billion lek), followed by INSIG (1.56 billion lek) and Sigma (1.49 billion lek).<\/p>\n<p>On the other hand, in the life insurance category, the company that has paid the highest amount of claims in absolute value during 2006-2011 is Sigal Life (133 million lek), e followed by Sicred (72 million lek) dhe INSIG (62 million lek). The insurance market is very important because it allows the risk transfer from one party to the other. Therefore the individuals and businesses who do not want to carry risk can transfer it to an insurance company. This is a key element for the well-functioning of economic and financial markets in a country.<\/p>\n<p>Claims paid for non-life insurance policies (in % vs premiums)<\/p>\n<p>  <script type=\"text\/javascript\" src=\"http:\/\/ajax.googleapis.com\/ajax\/static\/modules\/gviz\/1.0\/chart.js\">{\"dataSourceUrl\":\"https:\/\/docs.google.com\/spreadsheet\/tq?range=A73%3AG81&key=0Agylwmr5tEbVdG90MU5DWUZhM1JtMEN4dWxYU1AxblE&gid=0&headers=-1\",\"options\":{\"displayAnnotations\":true,\"showTip\":true,\"dataMode\":\"markers\",\"fontColor\":\"#fff\",\"midColor\":\"#36c\",\"pointSize\":0,\"colors\":[\"#3366CC\",\"#DC3912\",\"#FF9900\",\"#109618\",\"#990099\",\"#0099C6\",\"#DD4477\",\"#66AA00\",\"#B82E2E\",\"#316395\"],\"headerColor\":\"#3d85c6\",\"smoothLine\":false,\"lineWidth\":2,\"maxColor\":\"#222\",\"headerHeight\":40,\"labelPosition\":\"right\",\"is3D\":false,\"fontSize\":\"14px\",\"hasLabelsColumn\":true,\"wmode\":\"opaque\",\"hAxis\":{\"maxAlternation\":1},\"maxDepth\":2,\"allowCollapse\":true,\"minColor\":\"#ccc\",\"mapType\":\"hybrid\",\"width\":630,\"height\":220},\"state\":{},\"chartType\":\"Table\",\"chartName\":\"Chart 1\"}<br \/>\n  <\/script> <br><sup>Source: Financial Supervising Authority<br>Data for 2011 is as of April<br>Analysis and comments: Open Data Albania<\/sup> \n<\/p><\/div>\n\n\n<b>Comments and Analysis:<\/b> Open Data Albania<br> \n<b>Contributed by<\/b>: R.E\n<style>\np{\ntext-align: justify !important;\n}\n<\/style>\n","protected":false},"excerpt":{"rendered":"<p>Open Data Albania has conducted a research on the claims paid by the insurance companies. This research is based on the data provided by FSA (Financial Supervising Authority). The insurance market is a very important part of our financial system. It includes the private and state owned companies which are in the business of insuring individuals and businesses. In order to benefit from the insurance&hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[57],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":24114,"url":"https:\/\/ndiqparate.al\/?p=24114&lang=en","url_meta":{"origin":8574,"position":0},"title":"PRESSURE ON THE PUBLIC ADMINISTRATION: 50% OF STAFF PAID AS \u201cTEMPORARY EMPOWEES OUTSIDE THE OFFICIAL ORGANIZATIONAL STRUCTURE","date":"May 9, 2025","format":false,"excerpt":"From January 1 to April 30, 2025, the Council of Ministers paid salaries for\u00a0temporary contract employees exceeding the number of staff positions approved in the official organizational chart\u00a0(Treasury expenditure category 6002001[i]), which is twice the amount of the net salaries paid to employees officially approved in the organizational structure (as\u2026","rel":"","context":"In &quot;ODA in Press Releases&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ndiqparate.al\/wp-content\/uploads\/2025\/05\/Screenshot-2025-05-17-162342.png?fit=963%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":23394,"url":"https:\/\/ndiqparate.al\/?p=23394&lang=en","url_meta":{"origin":8574,"position":1},"title":"Instill Watchdog Culture \u2013 Training on Monitoring Public Spending and Procurement in Local Governance, Berat","date":"December 21, 2024","format":false,"excerpt":"\ud83d\udccdLocation: Hotel Portik (Conference Room), Berat\ud83d\uddd3 Date: December 21, 2024\ud83d\udd59Time: 10:00 AM \u2013 1:00 PM On December 21, 2024, AIS \u2013 promoter of Open Data Albania organized a training and workshop focused on Strengthening the Culture of Monitoring, with a particular emphasis on Monitoring Public Spending and Contracting in Local\u2026","rel":"","context":"In &quot;ODA in Press Releases&quot;","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/ndiqparate.al\/wp-content\/uploads\/2025\/01\/WhatsApp-Image-2025-01-09-at-13.01.39-1.jpeg?fit=1200%2C900&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":23421,"url":"https:\/\/ndiqparate.al\/?p=23421&lang=en","url_meta":{"origin":8574,"position":2},"title":"Instill Watchdog Culture - Training on Monitoring Public Spending and Procurement in Local Governance, Has","date":"December 18, 2024","format":false,"excerpt":"\ud83d\udccdLocation: YES Centre Has, New Municipality Building, First Floor\ud83d\uddd3 Date: December 18, 2024\ud83d\udd59Time: 10:00 AM \u2013 1:00 PM On December 18, 2024, AIS \u2013 promoter of Open Data Albania organized a training and workshop focused on Strengthening the Culture of Monitoring, with a particular emphasis on Monitoring Public Spending and\u2026","rel":"","context":"In &quot;ODA in Press Releases&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ndiqparate.al\/wp-content\/uploads\/2025\/01\/WhatsApp-Image-2024-12-19-at-16.35.00.jpeg?fit=1200%2C900&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":23880,"url":"https:\/\/ndiqparate.al\/?p=23880&lang=en","url_meta":{"origin":8574,"position":3},"title":"Asset Declarations on the Spending Data Albania Database Watchdog for Integrity","date":"April 4, 2025","format":false,"excerpt":"The AIS organization (promoter of Open Data Albania) has added, published this week new annual asset declarations to the Spending Data Albania database. 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