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In addition to properties, the mandatory flood insurance scheme is expected to include farms and agricultural land. The Ministry of Agriculture and Rural Development is being assisted by the Turkish government in drafting the new scheme.
"This scheme is an important step to increase the economic security of farmers and reduce the consequences of natural disasters. If built with clear standards and proper support, it could be a real protective mechanism for agriculture ," said Agim Rrapaj, Chairman of MTEF.
"The problem is that these schemes are usually presented as solutions, but in practice they end up as a new financial obligation for farmers. If there is no real subsidy and transparency about how the compensation will work, it risks being just another payment without concrete guarantees ," said Esmeralda Ballesha, an agricultural expert.
Mandatory flood insurance in agriculture will apply to both Albanian citizens and foreign nationals. The insurance contract will contain the name and data on the property or land of the insured, the start and end date of the insurance policy, the amount and premium of the insurance.
"It is important that the scheme has clear rules for each category of property and agricultural activity. If foreigners and private entities are also included, then correct administration and a reliable system for verifying damages are needed ," Rrapaj continued.
"The fact that insurance will be mandatory for everyone does not automatically mean that it will be fair. If contracts are complicated and procedures bureaucratic, small farmers will be practically excluded from the benefit, even though they will pay ," said Ballesha.
In the event of flooding, material damages will be compensated to a certain extent, but not physical injuries or loss of life. Also, items inside the home will not be insured, nor will financial losses from business interruption and lost profits be compensated.
"The scheme must be realistic and oriented towards compensating the main material damages affecting the farmer. The goal is to create a security mechanism, not to promise coverage that cannot be realized ," emphasized Rrapaj.
"The exclusion of many elements from compensation makes the scheme problematic. If the farmer's real losses are not covered, such as production interruption or damage to work tools, then the insurance loses its meaning and remains purely formal ," said Ballesha.
The Agricultural Flood Insurance Fund is expected to be financed by premiums from citizens and businesses, reinsurance commissions, investment income, state budget support, grants and donations, as well as other legal revenues, ensuring coverage of natural risks and protection of citizens./ A2CNN
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