Albania is listed among the last countries in the world as regards
insurance for floods, fire and earthquakes. For the insurance industry,
it is now time for property insurance to be obligatory, as in many
countries.
Companies say that this is the only way for the economic damage to be affordable. The floods in Ksamil and Durres, where many businesses were damaged, bring to attention the need for regulating the new property law.
“This would make possible for them to address the private companies in the future, not the government. Insurance is not a tax that you need to pay, but a bonus that you take back”, Morina says.
But do Albanian companies have the capacity to fix massive damage?
“Insurance companies are able to cover any kind of damage, because the insurance industry can only cover with the capital they have, and the other capital goes for reassurance”, Morina explains.
Only vehicles have an obligatory insurance in Albania so far, making this a dominating market, compared to properties.
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