Albania takes steps to improve households' and businesses' insurance coverage against floods

Albania will undertake a legal initiative to insure households and businesses from floods, the country's Prime Minister Edi Rama announced on Manday, reads

The announcement comes at a time when most of Albania's territory is under water due to the massive floods that swept Albania in recent days. At the same time, acording to data provided by the Albanian Financial Supervisory Authority (AFSA), less than 1% of the Albanian homes are insured, and even less have a policy including nat cat coverage. AFSA data showed Monday that some 32,725 contracts were issued in insurance against Fire and Natural Forces portfolio for the ten-month period from January through October this year, down from 35,891 insurance contracts issued during the same period of in 2016, reports the mentioned source.

The initiative aims to provide cover for flood-related damages to businesses and households and serve as a mechanism that would reduce the country's significant fiscal exposure to disasters. Speaking at the Civil Emergency Coordination Committee meeting, Rama said that the past investments proved beneficiary to diminishing losses of the disaster, however, he added that it was crucial to make a number of interventions so that river beds and forest green belts were restored.

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