Membership in Europa Re is open to all countries of Southeast Europe as well as disaster prone countries outside of this region. The Republic of Albania was the first country to join Europa Re in the spring of 2010. The Republic of Serbia and the Republic of Macedonia joined in 2012.
The main rationale for governments’ participation in Europa Re program is to jump-start the domestic catastrophe and weather risk insurance markets through enactment of government policies, which can stimulate demand for catastrophe insurance products and increase the public awareness about natural disaster risks.
Membership in Europa Re program provides Shareholder Member Countries with numerous benefits, with main one being the ability to reduce their fiscal risk exposure to natural disasters through:
  • Expanded private catastrophe and weather risk insurance coverage of homeowners, SMEs and farmers;
  • Coverage of government assets;
  • Potential insurance coverage of government’s social obligations to socially vulnerable segments of the population exposed to natural disasters.
Participation in Europa Re program will jump-start the development of local catastrophe insurance markets through the creation of country specific risk models, regulations, pricing and actuarial guidelines and new products – to be funded by international donors.

The program aims to reduce the systemic risk for the financial sector, particularly in earthquake and flood prone countries, as the collateral of banks and the solvency of insurance companies will be protected.

Facility Shareholders: