Earthquake insurance, companies propose draft - Hajdarmataj: The scheme should be reviewed. Other natural disasters should also be included!
The draft law on compulsory earthquake insurance should be reviewed again. This is the conclusion of the Association of Insurers of Albania, which was part of the consultations organized by the Ministry of Finance with interest groups. In an interview for SCAN TV, the Secretary General of the Association of Insurers, Mimoza Hajdarmataj, emphasizes that the scheme is entirely state-owned and leaves out insurance companies.
"We recommend that the scheme should be different. Why do we insist on changing the scheme? Because it is a completely state scheme and through this draft law, compulsory earthquake insurance is done through the Earthquake Fund, which does not have any scheme in EU countries, and neither Romania nor Turkey, which have completely state-run ones, have cooperation with the insurance market. We are not in a position to build a scheme that none of the EU countries have and that excludes the insurance market. We recommend that the insurance market be a party, because otherwise the state will have more costs that will weigh on the premium. On the other hand, finding reinsurers is also a tangible problem."
On the other hand, Hajdarmataj emphasizes that Albania is not only affected by earthquakes but also by other natural disasters and the best would be a comprehensive law that encompasses them all.
"We should have a broad law on natural disasters, which includes insurance against fires, floods, landslides and earthquakes. By having such a legal framework and cooperation with the insurance market, we believe that the interests of citizens will be better protected, but also the interests of the government in terms of the budget it will allocate to support the needy. In this case, the premium will also be lower and the insurance market and insurers will be there to cover the damages . "
During the meeting with stakeholders, the Minister of Finance, Petrit Malaj, emphasized 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.
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