The first regional conference of Europa Reinsurance Facility Ltd.

In the framework of SEEC Insurance Programme of Disaster Risk, the Insurance Agency of the Republic of Srpska has participated at the First Regional Conference of Europa Reinsurance Facility Ltd. on the topic : “The Development of the Insurance Market from the Natural Disasters and Bad Weather Conditions in Southeast Europe and Caucasus countrie”

Europa Reinsurance Facility Ltd – “Europa Re”, whose headquarters is in Switzerland is founded in November 2009 in accordance with the Swiss law and is predicted to be owned by the countries of the Southeast Europe and Caucasus countries.

Aim of the “Europa Re” is the increasing the level of insurance coverage of natural disasters and bad weather conditions risk and is intended for the households, farmers, small and medium enterprises, public and utility enterprises, where such insurance is not compulsory.

“Europa Re” would offer products at the Republic of Srpska area through insurance companies of the Republic of Srpska and would represent some type of complementary coverage (not competitive) to the currently existing products and the expanding of coverage offer which at present do not exist in the offer of insurance companies of the Republic of Srpska.

Insurance Companies would have in their disposal a web platform for issuing insurance policies, as well as “back-office” support when selling the products. In addition to commissions which the insurance companies would get for ceded risks, at their disposal is also the possibility of keeping the risk in accordance with their financial capacity.

Besides the direct positive effects for insurance market , the positive effects would be reflected also in the synergy which would be realized by the regional unifying of different countries’ risk in the singular, better structured portfolio and in the development of the highly sophisticated disaster risk models and bad weather conditions risks for the region.