Micro, small, and medium-sized enterprises (MSMEs) in Albania are prone to natural disasters but lack disaster risk insurance (DRI) to cover damages. This protection gap leaves businesses vulnerable to earthquakes and flooding and leads to prolonged and costly recovery times. Working with UNDP, the team interviewed 71 business owners to identify key MSME access barriers to DRI. The team found that businesses tend to underestimate their risk, lack awareness of DRI, and distrust insurance companies. The team recommended outreach campaigns, subsidizing DRI premiums, and strategies for insurance companies to build trust.

• This report represents the work of one or more WPI undergraduate students submitted to the faculty as evidence of completion of a degree requirement. WPI routinely publishes these reports on its website without editorial or peer review.

Creator

• Behilo, Aidan
• Shiu, Gabriel
• White, Robert
• Sullivan, Sean

Subject

• Community
• Project-Based Learning
• Well-Being

Publisher

• Worcester Polytechnic Institute

Identifier

• 115133
• E-project-121423-055536

Keyword

• Natural Disasters
• Earthquake
• Albania
• Insurance
• UNDP
• Small Businesses

Advisor

• Hersh, Robert
• Butler, Melissa

Year

• 2023

Center

• Tirana, Albania Project Center - IQP

Sponsor

• United Nations Development Programme Albania

UN Sustainable Development Goals

• 3 - Good Health and Well-being
• 8 - Decent Work and Economic Growth
• 10 - Reducing Inequality
• 11 - Sustainable Cities and Communities
• 13 - Climate Action

Date created

• 2023-12-14

Resource type

• Interactive Qualifying Project

Source

• E-project-121423-055536

Rights statement

• In Copyright

Last modified

• 2024-02-08