Albania: AFSA final phase

We concluded the final phase of our technical assistance project for the Albanian insurance sector with the fourth workshop in Tirana, which marked the end of our nearly 18-month collaboration with the Albanian Financial Supervisory Authority, the World Bank Group, and all local insurers to implement a robust, EU-aligned Solvency II framework. 

What we built – together, for the life and non-life insurance market:

✔ A comprehensive workshop on the Standard Formula, covering Pillar 1 valuation and solvency capital requirements

✔ A comprehensive workshop on disclosure and transparency, covering Pillar 3, including annual and quarterly quantitative reporting templates and reporting

✔ A first Quantitative Impact Study with a detailed report with findings and recommendations for the future to guide the insurance market and regulator 

✔ A comprehensive workshop on the ORSA, covering Pillar 2, including insights into internal models and examples to demonstrate how insurers can leverage the new infrastructure for multi-annual projections, reinsurance optimization and ALM

This project wasn’t just about theory; it was about applying Solvency II's quantitative demands to a growing market and ensuring readiness for EU alignment. 

Thank you to the Albanian Financial Supervisory Authority, the World Bank Group, and all the insurers for their dedication, collaboration, and hard work. We wish a lot of success in your next steps!