Category: Year 2017

SiCRED sh.a., first Life Insurance Company that distributes the insurance fund for loyalty “Life with Savings”

SiCRED sh.a., first Life Insurance Company that distributes the insurance fund for loyalty “Life with Savings”
SiCRED sh.a. Life Insurance Company records a success story regarding the benefits from the long-term schemes of life insurance. In 2008, SiCRED sh.a. Life Insurance Company conceived the “Life with Savings” insurance product, which at the end of a 7 years period would reward the employees for good performance at work and loyalty to the employing company. The first to embrace the innovations of this scheme, were the employees of some private companies.

The end of 2016 corresponded to the first maturity of the “Life with Savings” insurance policies, an innovative product that not every Albanian entrepreneur will be willing to fund and implement.

During February 2017, about 250 employees from three pioneering companies benefited approximately 600,000 Euro, due to respecting the condition of the insurance contract, to be employed for 7 years in a row in the corresponding company. These insurance contributions are paid mainly by the employers.

In addition to this benefit, there were also cases where during the insurance period, families of employees have benefited from the Life Insurance, as a result of premature loss of life of their loved ones.

At the event organized at SiCRED sh.a. with some of the employees who benefited from this fund, the General Director of SiCRED sh.a., Mr. Genc Koxhaj, expressed his gratitude to those who first understood and supported this innovative product of the market. He also thanked SiCRED’s employees for their valuable contribution, and stated that their commitment is the guarantee and assurance of the company’s success.

The payment of approximately 600,000 Euro, shows the maturity of SiCRED sh.a., which has reached the shares of 30% of the Life Insurance market for 2016, as well as speaks for its financial strength.

Life insurance market in our country has recorded positive developments over the years. However there is still some way to go. It is a fact that countries in the region, such as our neighbor Macedonia, particularly the middle classes, spend annually more than Albanians in life insurance products. Other neighbors even more. Therefore there is still much work to be done, especially in respect of life insurance companies.

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