"Mandatory earthquake insurance of homes" - Consultative meeting with interest groups is held!
The Ministry of Finance held a consultative meeting with stakeholders today on the draft law “On the mandatory insurance of housing against earthquakes”. The meeting was chaired by the Minister of Finance, Petrit Malaj, who assessed the importance of the public consultation process of the draft law and underlined the fact that the draft was drafted in close cooperation and with the support of the World Bank, based on the best international experiences.
Malaj brought to attention the great impact that the earthquake of November 26, 2029 had on Albanian citizens and the economy as a whole, with a direct cost of about 7.5% of the Gross Domestic Product. Although earthquakes are natural disasters that cannot be predicted, he said, it is important to take measures to reduce the effects as much as possible, especially those that have an impact on the economy.
"Given the fact that Albania is a country with seismic potential, the drafting of this legal framework will serve us as a sustainable financial mechanism, as it will offer real protection to homeowners, ensuring rapid and efficient compensation for damages caused by earthquakes," the minister said.
In drafting the draft law, successful models have been followed, including Turkey and Romania, to ensure the drafting of international best practices, with the aim of reducing the economic and fiscal costs that natural disasters can bring.
The Minister of Finance expressed confidence that with the implementation of the law, effective insurance coverage will gradually increase over the years, and the risk management system in Albania will be significantly improved, thus creating more sustainable financial protection.
" This draft law in itself represents an important step towards the creation of a national disaster risk management system, through the creation of the National Earthquake Fund, as an entity that will contribute to the long-term protection of investments, as well as to the economic stability and well-being of citizens ," said the minister.
At the end of his speech, Malaj expressed the commitment of the Ministry of Finance to continue cooperation with all interest groups and to ensure that the draft law reflects the real needs of citizens and creates effective and fair protection for all.
Today's meeting took place following the public consultation process for the draft law "On the mandatory insurance of housing against earthquakes", which began with its publication in July 2025 in the Electronic Registry for Public Notices and Consultations.
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