The Financial Supervisory Authority organized in Tirana the International Forum “Albanian Natural Catastrophe Risk & Insurance Solutions”, in cooperation with AON Reinsurance and the Albanian Insurers Association.
With the participation of high-level representatives of European partner institutions and international experts from the global insurance and reinsurance industry, the forum was conceived as a platform for technical discussion and institutional cooperation within the framework of the commitment of the Financial Supervisory Authority to increasing resilience and modernizing the insurance market in the country.
The discussions focused on the role of insurance in addressing the increasing costs related to earthquakes, floods, and extreme climate events, bringing together on a common platform international expertise, public institutions, and the insurance industry.
The Forum was opened by the Executive General Director of the Financial Supervisory Authority, Ms. Adela Xhemali. Welcoming remarks were also delivered by the Chairwoman of the Parliamentary Committee on Economy, Employment and Finance, Ms. Milva Ekonomi, as well as the Minister of Economy and Innovation, Ms. Delina Ibrahimaj, who emphasized the importance of the insurance sector in supporting economic development and strengthening financial resilience.
In her speech, Ms. Adela Xhemali highlighted that during the last two decades, the insurance sector in Albania has grown, transforming into a more diversified and developed market. Today, 13 insurance companies operate in the insurance market, while the volume of gross written premiums in 2025 has reached around 280 million euros. Insurance density has increased to 120 euros per capita, while the level of market penetration remains at 1%.
“Risk, in essence, is experienced by people,” stated Ms. Xhemali, emphasizing that insurance should be understood not only as a financial product, but as an investment, a mechanism of trust, a promise for recovery, and a key pillar of financial resilience.
Speaking about Albania’s risk profile, Ms. Xhemali underlined that: “Global climate change is reshaping the environment in which we live. Today, Albania’s risk profile is increasingly complex, including earthquakes, floods, landslides, and other climate-related risks, which directly affect the community, agriculture, infrastructure, tourism, and public finances.
Cooperation and coordination remain essential for the creation, development, and continuous improvement of regulatory policies, enabling the distribution of risk in a balanced and sustainable manner among households, businesses, insurers, reinsurers, and the government, while being fully aware that no single actor can face these risks alone.
The Minister of Economy and Innovation, Ms. Delina Ibrahimaj, emphasized that: “It is very important that we establish all the appropriate mechanisms, with the aim of preventing damages wherever possible, but above all, where disasters occur, to try to be as economically and fiscally secure as possible, so that the country’s economy is affected as little as possible by these phenomena, which are beyond our control, as they are natural catastrophes.
We should not focus on short-term or medium-term policies. Governments should focus on long-term policies that preserve economic stability and security, fiscal stability, and the long-term sustainability of the country.”
Ms. Milva Ekonomi, Chairwoman of the Parliamentary Committee on Economy, Employment and Finance, emphasized that: “Our goal should be to build a more resilient, more prepared, and better protected Albania against natural risks, where citizens are not left alone in the face of catastrophes, but where the state, the insurance market, and international partners cooperate to build real mechanisms of protection and recovery.”
Mr. Jan Liska, Head of the local office of AON Reinsurance in Albania, stated that: “Albania combines high earthquake risk with a low level of insurance penetration. Although 95% of homes are uninsured, opportunities exist to increase the level of penetration and ensure that damages to citizens from catastrophic events are compensated without affecting the state budget.”
The forum panelists were well-known experts and high-level representatives from prestigious international institutions and organizations, including AON, ANIA, ITAS, PADROM, Hannover Re, giving the forum a professional and international dimension.
The Forum was also addressed through a video message by Mr. Nicolas Jeanmart, Head of Personal and General Insurance at Insurance Europe, one of the most prestigious European organizations representing the insurance industry at the European level.
The discussions focused on strategies and policies for managing the risk of natural catastrophes, international insurance and reinsurance models, innovative products specifically designed for the protection of individuals and businesses, as well as opportunities for the development of schemes tailored to Albania’s needs. Special attention was given to international models of public-private partnership and risk sharing among households, insurance companies, the state, and international reinsurance markets.
The Forum served as an important platform for strengthening dialogue on sustainable financial protection mechanisms through insurance schemes. It also reflected the Authority’s commitment to the development of the insurance market, increasing awareness of the risk from natural catastrophes, as well as alignment with European Union standards and international best practices.
Additionally, the photographic exhibition “120 Years Facing Nature” was presented at the Forum, featuring images documenting earthquakes, fires, and floods in Albania.
