Insurance companies in Romania have paid 93.3 million lei (almost 20 million euros) in compensation over the past 10 years for the restoration of homes after natural disasters, according to the National Union of Insurance and Reinsurance Companies of Romania (UNSAR).
“In the period 2013-2023, the financial support offered by UNSAR Member insurance companies for the restoration of homes following floods, earthquakes and landslides is close to 20 million euros (93.3 million lei). This amount was paid both on the basis of mandatory and optional insurances, according to an analysis carried out at the association level”, UNSAR announced.
There were about 17,000 damage files, of which more than 65% were for damage caused by flooding.
“It is difficult to discuss statistics in these difficult times for so many Romanians. But the insurance industry continues to be with those insured and affected by the fury of nature, offering all the necessary support for the quick settlement of claims,” News.ro quoted Alexandru Ciuncan, president & general director of UNSAR, as saying on Sept. 20., 2024.
Earlier, in March 2024, Nicoleta Radu general director of the Natural Disaster Insurance Pool (PAID) told the conference “Quo Vadis 2024 – Challenges in Romanian Financial Education!” organized by the Institute for Financial Studies Foundation and DC Media Group, that only 20 percent of the more than 9.7 million homes in Romania are insured. “There are 7.6 million uninsured homes in Romania, practically four in five homes are not insured against natural disasters” she had said.
In 2023, insurance companies authorised and regulated by the Financial Supervisory Authority (ASF) wrote gross written premiums (GWP) of approximately RON 18.2 billion in 2023, an increase of 10% compared to the previous year, according to ASF. At the end of last year, 25 insurance companies, authorised and regulated by ASF, were active in the insurance market, of which 13 were engaged only in general insurance (GI), 6 were engaged only in life insurance (LI) and 6 in composite business.