The Albanian families will be bound by law to insure their homes from
natural disasters. A draft-law proposed by the World Bank and the
Financial Surveillance Authority provides the establishing of a special
scheme for insuring homes from earthquakes and floods.
“The law foresees the creation of a joint pool for insurance from disasters. It will decide how the payment will be collected and how people will be compensated”, says Pajtim Melani, Head of the Finance Surveillance Authority.
The compensation needs to be for earthquakes above five on the Richter scale and floods foresee 21 days of constant rain precipitations, according to Melani.
It is unclear if the scheme is managed by the state or if it is administered by private operators. The obligatory payment will not be for everyone, but will depend on the danger of the zone where the building is located.
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