Macedonia joins World Banks catastrophe risk reinsurance project Europa Re.

By bne IntelliNews March 25, 2012
Macedonia signed an agreement for joining World Banks regional project for establishing a facility specialised in reinsurance of catastrophe risks, state news agency MIA reported. The facility is called Europa Re. Macedonias participation amounts to USD 5mn and is funded through a WB loan with a 22-year repayment period, a six-year grace period and a variable interest rate currently standing at 1.1%. There has been a growing trend in natural disasters resulting from climate change in Macedonia over the past 20 years, World Bank country manager, Lilia Burunciuc, noted. The project envisages founding a joint Switzerland-based facility Europa Re, which will enable local insurers to reinsure catastrophe risk products. The facility is anticipated to become operational in 1-1.5 years. The project also envisages work on building technical capacity of local insurers, regulatory agencies and policy makers. Those activities will be funded through grants. Albania and Serbia have already joined Europa Re, and Montenegro and Bosnia and Herzegovina are expected to do so as well.
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