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Compulsory earthquake insurance. What does the scheme provide for and who has the obligation to pay?

2024-01-04 13:32:21Biznes SHKRUAR NGA REDAKSIA VOX

Compulsory earthquake insurance. What does the scheme provide for and who has

This year, Albanian citizens will be legally obliged to insure their homes against earthquakes. The draft law, which was discussed during 2023, is expected to be finalized by September 2024.

Referring to the analytical program of draft acts that will be presented for review in the Council of Ministers throughout this year, published in the official notebook, one of the draft laws that is expected to pass in the third month is the mandatory insurance of housing against earthquakes, which aims determining the rules and norms for the compulsory insurance of housing against earthquakes, in order to cover the financial losses suffered by the insured, due to the direct damage to the insured property, caused by the earthquake events.

The draft law submitted for consultation provides for the creation of the National Earthquake Fund, which will be owned by the state and will be directed by the Minister of Finance. The fund will be financed by insurance policies, commissions received from reinsurance transactions and investment income. The fund will be responsible for the sale of insurance policies; administration of mandatory earthquake insurance premiums; creating benefits from the investment of income from insurance policies; premium reinsurance. The most important function of the fund will be the treatment and payment of damages that are covered by the compulsory earthquake insurance policy.

The obligation to purchase an insurance policy against earthquakes, which will have a duration of one year, will be for every entity that owns a dwelling, as well as entities of social housing for rent, including dwellings in the process of legalization.

In cases where citizens refuse to provide housing, the draft law provides for the deprivation of services provided through e-albania.

Recently, the Minister of Finance, Ervin Mete, has given more details, where he has emphasized that the scheme will be applied through a basic premium that provides the first protection for all insured persons, who can then obtain voluntary insurance from private companies. and that there will be exceptions for some categories in need, for which the premium will be paid by the state budget.

The initial draft law has been considered restrictive by business chambers and economic experts, as it only covers earthquakes up to magnitude 5 and not other natural disasters. On the other hand, it has been requested to specify the cases when the apartments are insured due to bank loans, so that two insurance premiums are not paid or citizens have the right to choose.


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