July 3, 2020

Romania's active mandatory home insurance policies up 1.99 pct this May
Jul 3, 2020

Romania's active mandatory home insurance policies up 1.99 pct this May.

The number of active mandatory home insurance policies was 1.99 percent up this May from the year-ago period, at roughly 1.74 million, compared to 1.70 million as of May 31, 2019, according to statistical data of the Natural Disaster Insurance Pool (PAID), the company that provides this type of insurance. There were 1.73 million active policies as of December 31, 2019. According to PAID, home insurance policies taken out in urban areas accounted for 74.7 percent of the nationwide total, while rural insurance policies stood at 25.1 percent. By housing type, 94 percent of the mandatory home insurance policies are for type A homes (with the load-bearing structure of reinforced concrete, metal or wood, with outer walls of stone, burnt brick or materials subjected to heat or chemical treatment) and 5.6 percent for type B housing (with outer walls of unburnt brick or material that hasn't been subjected to heat or chemical treatment). By regions, Transylvania has the highest number of active policies (22 percent of the total), followed by Bucharest (19 percent) and Muntenia (18 percent), while the fewest are in Maramures and Bucovina (3 percent each). PAID has been issuing mandatory home insurance policies since July 2010. PAID's major objective is to have all Romanian homes covered against the three natural catastrophe risks - earthquakes, floods and landslides. The price of a mandatory home insurance policy is 20 euro for type A housing (the maximum covered amount 20,000 euro) and 10 euros for type B housing (the covered amount is 10,000 euros). AGERPRES (RO - editor: George Banciulea, editor: Andreea Marinescu; EN - author: Simona Klodnischi, editor: Simona Iacob)

[Read the article in Agerpres]

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