Ohrid, 12th October 2011 (MIA) – We expect for the inclusion of the Republic of Macedonia in the regional World Bank’s Southeastern Europe and Caucasus Catastrophe Risk insurance Facility Project to be beneficial mainly for the citizens – owners of houses and flats, the farmers and the small- and medium-size enterprises, which will obtain compensation for possible losses caused by natural disasters at affordable prices – Vice Prime Minister and Minister of Finance, Zoran Stavreski said Thursday in Ohrid.
Addressing the participants at the first regional conference at which the Project concept "Developing Catastrophe and Weather Risk Markets in Southeast Europe” was promoted, Stavreski said that financial sector and insurance companies will have benefits from the project as a result of the increased number of clients, and the banks as well, as a result of mortgage property insurance.
– Of course, the Governments of the participating countries will also feel the benefits from the project realization. As the weather risk insurance market will develop, thus the pressure on the Governments for paying damages caused by natural disasters will decrease, Stavreski said.
Stavreski said that the Republic of Macedonia will participate in the project with EUR 5 million, funds provided through the World Bank, thereby expressing assurance that acceptance of the regional Southeastern Europe and Caucasus Catastrophe Risk insurance Facility Project is good, economically justified step, the success of which is certainly conditioned by the activities, which will be undertaken by the participating countries themselves.
– The Government recognized the regional project as excellent opportunity for both faster development of the domestic insurance market and facilitation of the access to natural disaster risk insurance. We are aware of our accountability to the citizens, in terms of justifying the investments in the new company. We are certainly facing the challenge to show that the good projects, similar as the natural disasters know no boundaries, Stavreski said.
Funds in the amount of around EUR 2 million annually are set aside for covering damages caused by natural disasters. Macedonia together with Albania are the first countries in the region that accepted the Southeastern Europe and Caucasus Catastrophe Risk insurance Facility Project and started procedures for joining it.