PAID: Floods generated most of the insurance claims in Romania last month

The Insurance Pool Against Natural Disasters (PAID) registered 301 files of approved damages in July, out of which 271 were opened as a result of the floods that hit certain areas of Romania.

“In June and July we had extreme conditions in several areas on the country, such as Timis, Maramures and Bistrita-Nasaud, Brasov, Harghita, Covana and Suceava. Currently, we make the necessary efforts to process the files as soon as possible and to support the insured people, as we did also last month, “ said Nicoleta Radu-Neacșu, general director of PAID Romania.

Overall, PAID paid in July damages valued at RON 128,113 out of which RON 124,852 for type A policy and RON 3,261 for B type policy.

The number of insurance policies grew by 16.32 percent compared with July 2015, from 1.49 million to 1.73 million. The A type policy number for an insured sum of EUR 20,000 and an insurance premium of EUR 20/year grew by 18.62 percent, while the B type policy for an insured sun of EUR 10,000 and an insured premium of EUR 10/year dropped by 4.29 percent.

At the end of July, the level of insurance coverage reached 19.65 percent at national level. The regions with the highest levels of coverage are Banat-27.15 percent, Muntenia-23.99 percent and Dobrogea-22.14 percent, followed by Transilvania -20.43 percent, Crisana-17.89 percent, Maramures 16.2 percent, Moldova 16.06 percent, Bucovina 14.81 percent and Oltenia 11.07 percent.

The PAID mandatory policy covers three risks specific to Romania: earthquake, floods and land slide. The price of a policy that covers the sum of EUR 20,000 is EUR 20/year for A type properties.

Georgiana Bendre