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.
- 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
- 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.