Albania takes steps to improve households' and businesses' insurance coverage against floods

Albania will undertake a legal initiative to insure households and businesses from floods, the country's Prime Minister Edi Rama announced on Manday, reads xinhuanet.com.

The announcement comes at a time when most of Albania's territory is under water due to the massive floods that swept Albania in recent days. At the same time, acording to data provided by the Albanian Financial Supervisory Authority (AFSA), less than 1% of the Albanian homes are insured, and even less have a policy including nat cat coverage. AFSA data showed Monday that some 32,725 contracts were issued in insurance against Fire and Natural Forces portfolio for the ten-month period from January through October this year, down from 35,891 insurance contracts issued during the same period of in 2016, reports the mentioned source.

The initiative aims to provide cover for flood-related damages to businesses and households and serve as a mechanism that would reduce the country's significant fiscal exposure to disasters. Speaking at the Civil Emergency Coordination Committee meeting, Rama said that the past investments proved beneficiary to diminishing losses of the disaster, however, he added that it was crucial to make a number of interventions so that river beds and forest green belts were restored.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

STATISTICS: ALBANIAN insurers posted about EUR 79 million in GWP at the end of September

The Albanian insurance market reached over ALL 10.8 billion (EUR 78.6 milion) for the period January - September 2016, or 7.2% more y-o-y, according to the quarterly market statistics published by AFSA - Albanian Financial Supervisory Authority. During the analysed period, the number of issued insurance contracts reached 808,881 showing a decrease of 0.4% y-o-y. The total of paid claims was about ALL 2.9 million or 27.8% more, compared to the period 3Q 2015.

2016-11-03

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

Five new XPRIMM insurance reports to be launched in Baden Baden

Five new titles will be available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

11.10.2018

Croatian Insurance Days 2018 - Registration opened online

The 2018 edition of the "Croatian Insurance Days" will be held in Opatija, Croatia, on November 7-9, 2018. Organized by the Croatian Insurance Bureau, with the support of the Croatian Ministry of Finance, the conference will have, as usual, a rich and very informative program, also providing for extended networking opportunities.

11.10.2018

ICAR Forum 2018: Main conclusions

The 15th edition of ICAR - The International Catastrophic Risks Forum, taking place in Bucharest, Romania, on 9 October, touches issues of paramount concern.

09.10.2018

The 10th International Istanbul Insurance Conference started today

In emerging markets like Turkey, there can be a significant difference between insured and total insurable losses.
Focusing on closing the protection gap, the 10th International Istanbul Insurance Conference gathers in Istanbul, between the 4th and the 5th of October 2018, well-known speakers from Turkish and the global insurance & reinsurance markets.

04.10.2018

photodune-3834701-laughing-girl-xs

LIVE: 1st National Reinsurers Summit in Moscow: focus on global cooperation

Today has started in Moscow the 1st National Reinsurers Summit "National Reinsurers: Focus on global cooperation". Organized by the Russian National Reinsurance Company (RNRC) with the support of the Central Bank of the Russian Federation, the conference has the xprimm.com insurance portal as Media Partner.

20.09.2018

photodune-3834701-laughing-girl-xs

LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"

The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.

13.09.2018

See all