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Ekonomia

Another step towards mandatory property insurance, government removes obligation to respond in case of disasters

Another step towards mandatory property insurance, government removes obligation

The Albanian government has taken the next step towards the new policy for mandatory property insurance by Albanian citizens. In the draft law recently submitted for public consultation on civil protection, the Albanian state removes from itself the obligation to answer for damages caused by disasters, with the argument that this obligation brings a significant burden on the state budget and discourages property insurance from the citizens. For this reason, changes were made in Article 42 of the existing law, and the term "state financial aid" was used, which redimensions the involvement of the state in alleviating the consequences of disasters. The document states that this intervention is in the same direction as the promotion of voluntary property insurance, as well as efforts to create a legal framework for their compulsory insurance. Since last year, the government has been working on a new draft for the insurance of properties against earthquakes, which was once put out for public consultation and due to some problems, it was decided to revise it again. Until now, the Ministry of Finance has informed that this initiative will be undertaken because Albania is a country at risk of natural disasters, but in the meantime there is a very low awareness of property insurance, which is at the level of 3%. . According to the details made public, the mandatory scheme will determine a basic, affordable premium for citizens, as well as foresee exceptions for some categories in need. The draft law, which is expected to be approved within the month of September, foresees the creation of the National Earthquake Fund, which will be owned by the state and will be managed by the Minister of Finance. The obligation to purchase an earthquake insurance policy, which will have a duration of one year, will be for every entity that owns an apartment, as well as the entities of social housing for rent, including apartments in the process of legalization. The implementation of this scheme will be done in cooperation with insurance companies. According to the data of the Financial Supervision Authority. Voluntary real estate insurance is growing year after year. Voluntary insurance premiums during 2023 reached about ALL 8,917 million, 12.03% more than in 2022.

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