Our history

Countries in South East Europe and Caucasus are highly vulnerable to natural disasters, and catastrophe insurance is almost nonexistent. In 2008, the World Bank launched the regional lending program to support the establishment of a regional catastrophe reinsurance company with the aim to contribute to the development of a catastrophe insurance market in Southeast Europe and Caucasus that would provide homeowners and small and medium-sized enterprises (SMEs) with the opportunity to purchase affordable catastrophe and weather risk insurance coverage.

In 2009, to implement the World Bank program of lending and technical assistance for the development of the regional catastrophe insurance market, the countries of the region created Europa Reinsurance Facility Ltd. (Europa Re) - a special catastrophe and weather risk reinsurance company. Albania, Macedonia and Serbia are the major shareholders of the company.

Europa Re is established and registered in Zug, Switzerland, and was licensed as a reinsurer in December 2013. Europa Re is regulated by the Swiss Financial Market Supervisory Authority FINMA (FINMA), Switzerland, being known for having the most rigorous and far-reaching risk-based insurance supervision regime in the world.

Europa Re retains a dedicated team of insurance and reinsurance professionals to ensure continuous management of operations and the Board of the Company which comprises three independent directors with well-established international track-record in reinsurance and financial services.

Our vision and mission

Our vision is to increase the level of catastrophe and weather risk insurance penetration among households, farmers and SMEs in SEE and beyond, with the view to enhancing their financial resilience to natural disasters caused by climate change and geo-hazards. In addition, we aim to become a partner of choice in catastrophe and weather risk transfer solutions for the governments of Europa Re's target markets, and to design innovative risk transfer solutions, mainly in the form of reinsurance programs, for insurance companies in SEE and beyond.

Our mission is to help enhance the private insurance market for catastrophic perils in the emerging market economies where we operate, by providing reinsurance and supporting technical services to our insurance partners to enable them to expand the sales of catastrophe and weather risk insurance products to the general public and SMEs. We have started by equipping our partners with adequate reinsurance, know-how and insurance technology to enable them to enter or to expand their presence in the catastrophe and weather risk insurance product lines, which include earthquake and flood insurance, and multi-peril agricultural insurance products.

How we operate

Emerging markets are the fastest-growing insurance markets where clients require specialized knowledge and have highly specific needs. The support we offer for the SEE markets includes an exhaustive array of technical assistance services.

Europa Re uses its in depth knowledge of targeted markets to help clients, shareholders and communities cope with the ever changing risk landscape. We reach out consistently to policy makers and peers in local markets in an effort to contribute actively to building more resilient communities.

We have established local presence in our targeted markets to ensure we remain very close to our clients and our regional activities and we strive to facilitate: (a) The development of local and regional insurance markets for catastrophe insurance and weather risk products; (b) Improved credit quality and affordability of catastrophe and weather risk insurance products sold to households, farmers and SMEs; and (c) Reduced fiscal exposure of governments to natural disasters due to increased level of insurance coverage among households, farmers and SMEs.

Our underwriting strategy is focused on ensuring systematic and facts-based risk underwriting which results in a profitable and well balanced risk-wise portfolio of business while at the same time providing for sustainable business growth.