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IAIS Annual Conference, Rama: Insurance must include more people and businesses

2025-11-14 10:12:41Aktualitet SHKRUAR NGA REDAKSIA VOX
IAIS Annual Conference, Rama: Insurance must include more people and businesses
Edi Rama

The World Organization of Insurance Supervisors conference is being held today, November 14, in Tirana.

Prime Minister Edi Rama is also present, and he also delivered his speech at this conference, stating that climate change, cyber threats, and market fluctuations are challenges that everyone faces, and that require innovative solutions.

As Rama says, inaction to solve these problems is affecting everyone's daily life.

"Climate change, cyber threats, and global market volatility are challenges that affect us all and require innovative solutions from us. The problem is that the window to meet climate goals is closing very quickly, and the consequences of inaction are already shaping our economies and imposing a very expensive cost on our daily lives. At this defining moment, it is pertinent to note that the insurance industry is facing an extraordinary challenge and very difficult choices, in an effort to turn risk into resilience and shared security," said Rama.

The head of government also said that these dangers that threaten humanity have connections between them as a 'cause-effect' relationship, but for countries with smaller economies, the consequences are more pronounced.

"And increasingly, risks are interconnected, the climate threats we have come to know as financial insecurities, while cyber intrusions are linked to our stability and social harmony. Those interconnections that drive growth can also increase our vulnerabilities. To ensure a sustainable future, we need to embrace a resilience approach that takes into account the multitude of challenges that families, businesses and nations face. For smaller economies, the consequences of these global risks are amplified, while we face the same threats as large countries, we often lack the financial resilience, institutional strength and necessary insurance coverage to cope with them," said Rama.

Thus, based on the challenges that small countries face with these global risks, Rama stated that the damage caused by these problems can erase years of work, leaving people unprotected. Further, Rama stated that Albania needs to expand safety nets, and make them accessible to everyone.

“ Recent years have shown us how quickly unrest can threaten our economies, our jobs, challenge our public services, and stress our communities. Amidst these trials, there is a powerful lesson.

We may not be able to predict every disaster, but we can fortify ourselves to recover. Building such resilience requires a different, proactive mindset. In many countries, significant coverage gaps exist. In the case of Albania, for example, despite efforts to provide insurance coverage, many families and small businesses are left without the protection they need. The damage from disasters such as floods, fires and earthquakes can wipe out years of hard work, leaving those unprotected, suffering longer, and investing much less in their future.

"Clearly, we need to expand our safety nets, to include more individuals across sectors and types of risks, and to ensure that these solutions can be taken by everyone ," he said.


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