Pandemic Covid 19 risk management in the insurance market with special emphasis on the Balkan countries

The purpose of this paper is to explore the short-term economic impacts of the COVID-19 pandemic on the insurance market with particular emphasis on the Western Balkan countries. Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus (SARS-CoV-2 coronavirus). This is a rare event, one we have not seen in 100 years, with major consequences for public health, economics and politics. The decline in purchasing power, the economic downturn, the decline in consumption, the rise in inflation will have a major impact on the development of the insurance market. Demand for insurance products worldwide has declined: whether health, life or non-life. The paper will trace the ability of insurance companies to manage the risks posed by the Covid-19 pandemic. Consumer protection, protection of insurance contracts, investment risk management, solvency risk management and inflationary risk. The complete sample of the work will have the insurance market in the Western Balkans. The paper will be drafted based on statistical, analytical and comparative methods. The insurance market in these countries is small, but enables a study on the impact of the Covid-19 pandemic on insurance activity.