The Albania Financial Services Authority released remarks from its Executive General Director, Mimoza Kaçi, presenting the Authority’s 2024 Annual Report to two parliamentary committees. The presentation focused on strengthened supervision of non-bank financial markets, legal and regulatory alignment with European Union standards, and investor and consumer protection, alongside continued growth across supervised sectors. Across the markets under supervision, total assets reached ALL 131 billion at end-2024, up 17% year on year. Collective investment undertakings reported a 22% increase in assets and 37,786 investors, up 17.4%, with two new investment funds starting activity and new ESG-themed funds registered. In insurance, one new life insurer was licensed, bringing the number of insurance companies to 13; market assets rose by around ALL 6 billion (12%), technical provisions by around ALL 2.49 billion (9.8%), and gross written premiums by 7% to ALL 25 billion, while gross claims paid increased by 24.3% to ALL 9 billion and the claims-to-premiums ratio reached 41%. The Compensation Fund reduced outstanding claims by 18%, and measures aligned with CEFTA recommendations were implemented with the Albanian Insurance Bureau to facilitate cross-border vehicle movement to North Macedonia and Montenegro and reduce costs for drivers. Private pension assets rose to ALL 8.11 billion (up 20.3%) with 44,263 members, and the Authority completed and approved the full regulatory framework under the law on private pension funds; in capital markets, private placement bond issuance reached ALL 28 billion (up 40%) and banks’ instruments in foreign markets totalled EUR 80 million. EU integration was positioned as a key priority, with the Authority leading Chapter 9 “Financial Services” and reporting significant legal and regulatory harmonisation with relevant EU directives and regulations; negotiations with the EU for the second cluster, including Chapter 9, opened in April 2025. The Authority also noted preparations for the International Association of Insurance Supervisors annual conference, scheduled to be held in Tirana in November 2025, with over 500 participants expected from more than 150 countries.
Albania Financial Services Authority 2025-10-22
Albania Financial Services Authority presents its 2024 annual report to parliament highlighting EU-alignment reforms and market growth
Albania Financial Services Authority's Executive Director, Mimoza Kaçi, presented the 2024 Annual Report, highlighting strengthened non-bank financial market supervision, EU regulatory alignment, and investor protection. Total assets reached ALL 131 billion, with growth in collective investment and insurance sectors. EU integration is a priority, with legal harmonisation achieved and negotiations for the second cluster, including Chapter 9 "Financial Services," opened in April 2025.