{"id":8575,"date":"2012-09-25T14:14:23","date_gmt":"2012-09-25T14:14:23","guid":{"rendered":""},"modified":"2022-05-06T09:51:28","modified_gmt":"2022-05-06T09:51:28","slug":"the-ratio-of-paid-claims-vs-the-premiums-received-according-to-the-insurance-categories","status":"publish","type":"post","link":"https:\/\/ndiqparate.al\/?p=8575&lang=en","title":{"rendered":"The Ratio of Paid Claims vs the Premiums Received According to the Insurance Categories"},"content":{"rendered":"<div 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.<\/p>\n<p>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 5 years, the ratio of paid claims vs premiums received according to the Insurance Categories has changed as shown below:<br>&nbsp;<br> \n  <script type=\"text\/javascript\" src=\"http:\/\/ajax.googleapis.com\/ajax\/static\/modules\/gviz\/1.0\/chart.js\">{<br \/>\n\t\"chartType\":\"LineChart\",<br \/>\n\t\"chartName\":\"Chart 1\",<br \/>\n\t\"dataSourceUrl\":\"https:\/\/docs.google.com\/spreadsheet\/tq?range=B7%3AD13&key=0Agylwmr5tEbVdGdGYUVLNU5RUlNSY2RmNXJnS3BUNlE&gid=0&headers=-1\",<br \/>\n\t\"options\":{\"width\":600,\"height\":371,\"title\":\"Ratio of Claims Paid\/Premiums Received\",\"legend\":\"right\",\"pointSize\":5,<br \/>\n\t\"hAxis\": {\"title\": 'Year', \"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: FSA<\/sup><br><sup>Analysis and Comments: Open Data Albania<\/sup><\/p>\n<p>In 2010, in the non-life insurance market, the ratio of paid claims vs premiums received by the insurance categories was 30%. This is calculated as the ratio of paid claims&nbsp; (2.2 billion lek) vs premiums received (7.3 billion lek) during 2010. It must be noted that paid claims belong to 2010, however the insurance policies may have been issued prior to this year, and consequently the premiums received from these policies may belong to previous years.<\/p>\n<p>Meanwhile, in the life insurance market, the ratio of paid claims vs premiums received by the insruance companies has been lower (8%). This is calculated as the ratio of paid claims&nbsp; (72 million lek) vs premiums received (848 million lek) during 2010. same argument goes here, as the premiums received from the relevant policies may belong to previous years.<\/p>\n<p>During the course of these years, the highest level of the claims\/premiums ratio belongs to 2006 (32%) in the category of non-life insurance, and to 2009 (11%) in the category of life insurance.<\/p>\n<p>As far as insurance according to individual classes of non-life insurance, the highest ratio of claims paid belongs to the \u201cautomobile insurance\u201dclass, where this ratio was 76.5% in 2010. Whereas in the life insurance category the ratio is higher in the \u201cdebtor\u2019s life insurance\u201d class with 10.9% in 2010.<\/p>\n<p>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<\/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":8575,"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":23880,"url":"https:\/\/ndiqparate.al\/?p=23880&lang=en","url_meta":{"origin":8575,"position":1},"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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