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EconomyA Balkan State Introduces Compulsory Earthquake Insurance

A Balkan State Introduces Compulsory Earthquake Insurance

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The Albanian government proposed for public discussion a draft law on mandatory earthquake insurance of homes. The bill provides for mandatory insurance of all homes and parts of homes that are used for commercial establishments, offices or other similar purposes.

Only buildings that are made of clay/brick, the structure of which includes reed fibers or similar material, as well as buildings with a movable or temporary location, will be exempted from compulsory insurance.

For the most needy social strata, the compulsory insurance will be financed from the state budget.

The insurance only covers damage to the dwelling itself and does not include damage to furniture, interior fittings, etc., as well as non-property damage, including death.

The amount of the insurance will be determined by a decision of the Council of Ministers of Albania on the proposal of the management board of the National Earthquake Fund of Albania. To determine the amount, actuarial calculations will be performed on the basis of an earthquake risk map, which will be approved by the Council of Ministers.

Photo is illustrative | Photo by Wilson Malone: https://www.pexels.com/photo/orange-and-white-traffic-pole-on-cracked-gray-asphalt-road-4558211/

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