To address the problem of low catastrophe and weather insurance penetration in the SEE, the World Bank, initiated a catastrophe and weather risk reinsurance program called South-eastern Europe Catastrophe Risk Insurance Facility (SEEC CRIF). The main rationale of this initiative is to promote the development of local catastrophe and weather risk insurance markets that will enable local businesses and populations to buy affordable catastrophe and weather risk insurance products which couldn’t be founded in the commercial local markets.During the implementation of the SEEC TA CRIF program which ended on June 30, 2020 Europa Re achieved the following main outcomes:
- developed high-resolution catastrophe-risk models exclusively designed for the local markets;
- endorsed sound and reliable pricing catastrophe and weather insurance products to encourage massive participation;
- increased access to financial protection through affordable individual catastrophe and weather-risk insurance products as well on the sovereign/sub-sovereign level;
- provided dedicated reinsurance capacity for the risks arising out of sales of its endorsed insurance products;
- developed a web-based automated production platform on the most advanced and innovative technologies to enable automated sales of insurance policies and ensured quick and proper payments of claims;
- supported the local insurance companies by providing trainings of their sales force;
- enabled the first online sales platform of the insurance products in the markets of operation;
- developed a unique interactive awareness and education consumer’s platform to raise the public awareness and provide families and business with informed decisions with regards to their catastrophe risk mitigation;
- increased public awareness against earthquakes and floods by an extensive awareness campaigns via mass media channels and launching the CATMonitor.