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SEE Catastrophe Risk Insurance Facility Phase II

The Southeast Europe Catastrophe Risk Insurance Facility (henceforth, the facility) aims at addressing the problem of low private catastrophe risk insurance penetration in Albania, Bosnia and Herzegovina, Macedonia as well as Serbia. The facility was launched by the World Bank Group and is implemented by Europa Re, a private implementing agency.

Strategic Domain:
Economic Development
Strategic partner:
Council of Ministers of BiH
World Bank
Project implemented in:
Brčko District, Republika Srpska, Global and regional projects
Municipalities (2):
Banja Luka, Brčko distrikt

Countries of Southeastern Europe (SEE) are highly vulnerable to natural hazards while the governments in the region have extremely limited financial capacity to assist their populations in regaining assets and productive capacity destroyed by natural disasters. Moreover, private catastrophe insurance and weather risk coverage among homeowners, small and medium size businesses (SMEs) and farmers is currently almost nonexistent in the region.

Overall goal

The overall goal of the programme is to enhance the catastrophe risk insurance penetration in the Southeast Europe region and increasing access to affordable weather risk coverage and catastrophe risk insurance in the region. This ultimately enables private insurance markets to become an important conduit for catastro phe risk transfer and thus ease the pressure on governments’ budgets when largescale weather-related disasters occur.


  • Reinsurance capacity and knowhow is provided to local insurance companies
  • New catastrophe risk insurance products become available   to farmers, homeowners, and SMEs
  • Financial sustainability of the facility is reached by the end of 2018
  • The public perception towards private catastrophe risk  insurance solutions has changed
  • Governments and insurance regulators have been supported with a view to enact regulatory and policy reform conducive to the development of catastrophe and weather insurance markets

Key outputs

  • Reinsurance  capacity is expanded to Bosnia and Herzegovina
  • Catastrophe risk insurance products have been developed for Bosnia and Herzegovina
  • Catastrophe risk products have been updated for the Albania, Macedonia as well as Serbia
  • New distribution channels have been put in place
  • Consumer education tools are developed and updated

Previous phases results

Regulatory assistance has been provided Europa Re has been established as a Swiss licensed reinsurer (as of December 2014).

Innovative catastrophe insurance products have been developed and introduced in Albania, Macedonia as well as Serbia thanks to SECO’s support.

A modern insurance infrastructure, including a claims management systems and web-based insurance production platform, has been developed.

State-of-the art risk-based insurance supervision tools and manuals have been prepared.

A free interactive consumer education portal (CatMonitor) has been developed and went live.