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Albanians insure their vehicles due to legal obligation, but not their property. Data from the Financial Supervisory Authority shows that “motor vehicle insurance” accounts for almost 70 percent of the market, while property insurance accounts for less than 16.4 percent. The rest belongs to life insurance. But this situation must change, the institutions assess, considering insurance against natural disasters as a national priority.
"According to World Bank estimates, Albania remains among the countries with the highest exposure to natural disasters in Europe, around 86% of the territory and over 88% of the population are exposed to these risks and the lesson we learned during the 2019 earthquake was that we must take care, in order to guarantee that mechanisms are in place, since the cost of the earthquake was extremely higher ," said the Minister of Economy and Innovation, Delina Ibrahimaj.
According to data, only 5-7% of homes in Albania are insured, making Albania among the countries in Europe with the lowest percentage of home insurance against natural disasters.
"Insurance should not be considered simply as another financial product, it should be considered as an investment, a mechanism of trust, a promise, of recovery, of recovery, a pillar of sustainability. To reduce this systemic vulnerability we need a higher level of insurance enterprise, broader awareness, more solid distribution channels, products that citizens understand, can trust and most importantly afford ," said Adela Xhemali, Executive Director of AFSA.
The positive fact is that from year to year there is an increase in insured properties, especially after the 2019 earthquake. Data from the AFSA shows that last year over 2.1 billion lek were paid by citizens for their real estate.
"We must admit that financial mechanisms are still unprepared to cope with disasters and remain very limited. In many cases, the country mainly relies on budget reallocations, borrowing or donor assistance when disasters occur, therefore strengthening the insurance culture and expanding coverage against natural disasters can be considered a national priority ," said Milva Ekonomi, chairwoman of the EFP Commission.
Experts underline that expanding property coverage is essential for increasing disaster resilience and strengthening citizens' financial security, making insurance not just an obligation, but an important part of risk management in the country./ A2CNN
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