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The government argues that the purpose of the law on compulsory housing insurance is to cover the financial losses of families caused by earthquake events.
"Albania is a country prone and exposed to natural disasters. The four main hazards affecting the country are earthquakes, floods, forest fires and landslides. The World Risk Report 2021, which calculates the Disaster Risk Index for 181 countries, based on coping capacities, ranks Albania first in Europe and 61st in the world.
About $17.6 billion of the country's commercial, industrial and agricultural assets are at risk from floods and earthquakes. Possible losses in Albania from a natural disaster with a 250-year payback period are estimated at 2.08 billion euros for earthquakes and 1.18 billion euros for floods (World Bank, 2014)," the published announcement reads.
Also in the announcement it is emphasized that the draft drawn up with the support of the World Bank, the MFE and the Financial Supervision Authority is based on the successful experiences of other countries (eg, Turkey, Romania, the Philippines) where similar insurance programs disaster risk, can allow a country to reduce the financial, fiscal and economic impact of natural disasters and that after the experience in other countries, the effective insurance coverage is expected to gradually increase in years, after the approval of the law./Oligarchy. al
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