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Component IV Catastrophe Insurance

GENERAL DIRECTORATE OF CIVIL EMERGENCIES Disaster Risk Mitigation and Adaptation Project in Albania. Component IV Catastrophe Insurance. Albania Highly exposed to natural disasters. Albania is highly vulnerable to natural disasters and climate change;

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Component IV Catastrophe Insurance

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  1. GENERAL DIRECTORATE OF CIVIL EMERGENCIESDisaster Risk Mitigation and Adaptation Project in Albania Component IV Catastrophe Insurance

  2. AlbaniaHighly exposed to natural disasters • Albania is highly vulnerable to natural disasters and climate change; • Very high seismic risk allover the country • High flood risk in specific areas (western part and other areas) • High risk is concentrated in highly populated areas; • Government has to respond for losses to homeowners and SME’s from major earthquakes or floods; • Major events can severely impact Government’s budget and have negative impact in economical developments: SEE CRIF Project Developments in Albania

  3. Component IVSituation of Catastrophe insurance in Albania • Low public awareness on natural disaster risks and mitigation alternatives; • Low level of insurance culture and education; • Less than 2 percent of homeowners and SME’s have catastrophe insurance (mostly linked with mortgaged properties); • Huge fiscal cost for Government which has to pay losses in case of a natural disaster. SEE CRIF Project Developments in Albania

  4. Component IV CRIF Developments Albania was the first country to join WB regional SEE CRIF project and become shareholder of Europa Re (Joined project in 2008, became shareholder in 2010) SEE CRIF Project Developments in Albania

  5. Component IVSEEC CRIF Developments • A Government Working Group has been established to ensure effective project implementation in Albania. The Group comprises: • Various Ministries • Financial regulators (Bank and Insurance) • Other government and public agencies • Cooperation with insurance sector is ongoing to guarantee proper technical implementation. SEE CRIF Project Developments in Albania

  6. Component IVSEE CRIF developments • Earthquake and flood hazard maps are under final review; • Earthquake and Flood insurance risk models have been developed for pricing of insurance products and other risk management purposes; • High quality insurance products have been designed for mass consumers in Albania; • A survey has been carried out to assess impact of natural disasters in banking sector; • Technical work has started to develop weather insurance products for agriculture sector; • Other technical work is ongoing to ensure proper project implementation; • Insurance regulation is being amended to ensure proper development of catastrophe insurance in Albania. SEE CRIF Project Developments in Albania

  7. Component IVSEE CRIF developments An interactive website was developed under DRMAP / CRIF project to increase public awareness and education on impacts of natural disasters. Government Institutions supported development of website with data and information. SEE CRIF Project Developments in Albania

  8. Component IVSEE CRIF developments in Albania Main functionalities of Consumers’ website • Historical information for past natural disasters in Albania and in region; • Early warnings and timely alerts in case of natural disasters; • Personalized automated risk reports based on characteristics and location of property; • Mitigation alternatives for consumers based on risk reports generated by website; • Promotion of catastrophe insurance and Swiss quality products developed under SEEC CRIF / Europa Re project. • Ensuring active role of consumers and specific groups with information, data and comments. SEE CRIF Project Developments in Albania

  9. Macro-Development • Albanian National Strategy for Disaster Risk Reduction and for Civil Protection is being drafted in cooperation with international organizations. • Development of catastrophe insurance is expected to be an important part of National Strategy SEE CRIF Project Developments in Albania

  10. THANK YOU! SEE CRIF Project Developments in Albania

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