Claim payouts made last year by the members of the National Union of Romanian Insurers and Reinsurers (UNSAR) based on business liability policies totaled 23.8 million RON (4.84 million euros), shows a survey conducted across the association, UNSAR informs, according to Agerpres.
The top 5 compensations paid by UNSAR member companies last year based on such insurance contracts total over 7.8 million RON. Of this amount, compensations under civil liability policies account for 78 percent, while professional liability policies covering risks such as material damage, bodily injuries and financial loss caused by the insured to business partners account for the rest.
The National Union of Romanian Insurers and Reinsurers was founded in 1994 and represents 20 companies in the industry, which hold approximately 90 percent of the local insurance market. UNSAR’s mission is to defend and represent the interests of Romanian insurers and reinsurers, to participate in the improvement of the relevant legislative framework, promote the insurance activity in Romania and the sustainable development of the industry on a domestic and international level. Since 2007, UNSAR is a full member of the European Insurance and Reinsurance Federation – Insurance Europe.