Earthquake insurance, Social Security: Private companies should be part of the scheme - "Insurance companies paid 40 million euros in record time in 2019"
The Albanian Insurers Association has requested that private insurance companies be included in the scheme proposed in the draft law announced on the public consultation page for mandatory insurance of homes against earthquake risk.
By presenting its proposal, this association recalls that the partnership of companies with the state has as a success story the payments for the 2029 earthquake. The association's proposal letter states that "Insurance companies, and their international partners, paid in record time, about 40 million Euros for damages from the 2019 earthquakes. This is an indicator of the capacity and financial sustainability of insurance companies."
Currently, insurance companies have a coverage of around 250 million euros distributed throughout the country and usable only for insured objects. This experience in the market makes insurers propose their cooperation.
"For this reason, we appreciate the project and are of course ready to provide our expertise in drafting a law that would make coverage possible, but on the other hand create the necessary and sustainable spaces for more effective coverage by companies in this market."
State institutions, in cooperation with insurance companies as actors for many years, in a market that has achieved consolidation, must jointly take care of building a successful insurance scheme that offers adequate financial protection for citizens and reduces the burden on the public budget in the event of natural disasters, according to the proposals of the Insurers Association.
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