TIRANA, November 14/ATA/ Prime Minister Edi Rama said today that the insurance industry is facing an extraordinary challenge to turn risk into shared security.
In his speech at the Annual Conference of the IAIS (International Association of Insurance Supervisors) in Tirana, Rama pointed at the numerous challenges that families, businesses and nations face.
“The world is increasingly at risk and we find ourselves surrounded by more risks than borders. Thus, there are the climate change, cyber threats and global market fluctuations which affect us all and require innovative and all-embracing solutions from us”, said Rama.
But, according to the prime minister, the problem remains that, “The window to meet climate objectives is closing very quickly and the consequences of inaction are already shaping our economy and imposing very expensive costs”.
“At this defining moment, the insurance industry is facing an extraordinary challenge and is also facing very difficult choices. There is required an effort to turn risk into resilience and shared security. Present-day risks are interconnected; climate threats echo financial insecurities while cyber intrusions intersect with our economic stability,” Rama added.
The prime minister emphasized that what drives present-day growth can also drive our vulnerabilities to ensure a sustainable future.
According to the prime minister, the consequences of these global risks into smaller economies are amplified.
“While we face the same threats as large countries, we often lack the financial resilience, the institutional strength for the necessary insurance coverage to cope with them,” Rama added.
The prime minister also reminded that, “During the recent years, we have seen how quickly crises can disrupt our economies and affect and challenge public services, stressing communities.”/a.f/r.e/p.s./
