The insurance market in Albania has been started to operate in the last years of centralized socialist system. It was represented by state insurance Company INSIG. It was the first important segment of the financial market to develop faster once Albania entered into the free market economy model on the last decade of the past century. It is the largest and most advanced market in non-banking financial sector. Together with investment funds, pension funds securities markets those are under the supervision of Albanian Financial Supervision Authority, not Central Bank. The insurance market, has had a lot development and positive growth in terms of wide range of products offer and the geographically expansion all over the country and in some neighboring countries in the Balkan region where Albanian population live. This potential is based on the favorable economic conditions, improved regulatory and supervisory system, low market penetration rate, as well as, on business community and population, which are dynamic and easily adaptable. The Insurance Industry has been undergoing dramatic changes during the last ten years. This industry can help the business companies and other entities on having economic and financial support, mitigating their risks and losses as well from natural disasters or other uncertainties. This sector can give a good support on social development and financial contribution on economy by reducing the risk of future losses. There are a lot of empirical research based on financial analyses of Albanian Insurance Companies in which you can see a causal relationship between insurance sector effects in economic growth by bearing risk on business investment. The study of qualitative and quantitative information on Main Insurance Company in Albania, their business model and risk drivers shows the development stage and challenges and steps needs to be in line with EU directives. Incorporation of international best practices combined with an efficient regulatory and supervisory approach will certainly play a very big role in the non-banking financial market development and growth.
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At the time of crisis, which involves state funded benefits as well as an increase in public debt, the members of the European Union are forced to consolidate their budgetary expenses. The social cost, however, is extremely high, as the general public is unwilling to accept it. Demographic experts predict a decrease in the amount of people at an economically productive age, not to mention the continuously growing life expectancy. This fact will have serious economic consequences in Poland. That is why the pension system reform was initiated. The inevitable cuts in spending on welfare benefits might cause a situation in which one of the possibilities of increasing retirement benefits leads to the use of the most valuable and long-lasting assets that can be found in households - real estate. A financial instrument called reverse mortgage enables the gradual liberalization of the value of real estate and, thereby, can be used as an additional source of retirement income.
In Poland, the lack of verification by the Polish Financial Supervision Authority and legislative regulations as far as contractors and consumers are concerned, may pose a potential risk. There are two main problems, namely, the legal status of companies that offer reverse mortgages (in the case of possible bankruptcy and debt vindication) as well as issues concerning cyclic value changes on real estate markets. Because of the lack of a reverse mortgage bill, there is no institution which can control the financial situation of contractors, thereby guaranteeing the safety of potential customers.
The goal of this article is to determine the prospects of the development of reverse mortgage in Poland from a cultural perspective in terms of potential client preferences by carrying out a survey among people aged 18 to 30 (mostly students from different cities) and senior citizens over the age of 60. The other aim is to assess the influence of cultural determinants on the perception of equity release products. The author poses a question: In what way does ownership and inheritance attitude influence the volume of reverse mortgage sales?
The purpose of this article is to inform as many persons as possible on the present situation of doctors in Romania, to present more theoretical and practical elements that lead to the development of a sustainable career in the Romanian medical system. So I tried to get as much information about the current situation of the medical system, to obtain a certain confirmation of what was said by those working in the system. Gradually, I found out about the hospital problems, the insufficient budget allocated annually by the mismanagement, media campaigns of doctor denigration, the increasingly precarious health conditions of Romanians, the colossal businesses of the pharmaceutical industry, the heavily discussed and postponed Health Law, that managed to pull a lot of people in the street, and many other items that are not only intended to sound an alarm regarding the condition of medical workers in Romania. Besides the researches and the relationships on the medical education status, the situation of available positions, the distribution of doctors, their salaries, the legal and ethical operating framework, I undertook also a study among physicians (especially those being at their early career) to find out the elements that led them to choose this career and what is the current situation of medical career in Romania. For this, I chose questions that reflect the doctors’ satisfaction at workplace and how performance is influenced by the satisfaction level obtained from the medical services provided in the Romanian healthcare facilities. The study had both expected results, already knowing the current situation, but also unexpected, given the expectations of doctors. In more detail, there is a large number of young doctors that before thinking about work at a prestigious hospital abroad, think to what extent the current workplace in Romania offers support for family, pension, holidays etc. Thus, we considered appropriate to bring up within the paper the current possibilities for personal development, the personal brand in various mediums of communication. This paper could be a viable support to provide the necessary elements in creating an upward career path for young doctors. This paper aims primarily to present a current situation of the medical system, more statistical data (unfortunately, statistics regarding the Romanian medical system are not very up to date, most information relates to the year 2007-2009 - 2010), but also the Romanian situation seen from outside or media. The situation is far from being optimistic, the presented data are clear signals of alarm on the present status, but we hope that in the end, this paper has managed to arouse the interest of Romanian doctors with potential on the possibilities and opportunities for a career development in the homeland.
In my topic, I would like to present theoretical approaches and concrete direction of the new economic model that Albania should follow, based on the current situation that Albania experienced in global economy. In this paper, initially, I will present an overview of the Albanian economic transition and then I will suggest a heap of conclusions based on 20 years of history of success and failures. Primarily,concerning Europe means to have clear concepts, in order to build and to consolidate a system of economic and social-capitalist-comprehension. Have you ever thought to raise a question, and more we tried to make a qualitative analysis of policy which responses to specific questions or queries following correctly: what is the most appropriate model for Albania capitalism?Are we building a coherent and structured model or are we building a mosaic of elements of capitalism for Albania, whose portrait we do not know any more and that we didn’t ‘’projected” yet and no one else has done it in a long-term vision? The best response is a response expected of the type `as far as our final objective is the European Union, and then our model of capitalism will be European capitalist model, then the problem starts here. Capitalism has some basic principles and rules that form the core of it, but on the other hand each country is profiling capitalism according to the specifications of his choices. France has chosen the model of “capitalism of State”, Germany and the Nordic countries “social-democratic-capitalism”, ‘’liberal capitalism of England’’ as English-Saxon one, etc.In this regard the experts or politicians, should not reduce any debate, analysis or summary only of certain elements of the system of market, individual freedom, comparative advantages, social policy, which means the role and presence of the state in the economy, system of taxation, social security and the system of pensions, in order to build a port in its entirety capitalist model that we really need in Albania.
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