Many households in Romania continue to face a significant deficit of financial protection, as the difference between the available resources and those that a household would need in a difficult situation being, on average, about RON154,000, reveal findings of a survey conducted by the National Union of Insurance and Reinsurance Companies in Romania (UNSAR).
More than two million life insurance policies were recorded in the first nine months of 2024, up 16% from 2023, with the figures being based on official data from the Financial Oversight Authority (FSA).
Romanians are protected by more than 2 million life insurance policies, according to official data published by the Financial Supervisory Authority for the first 9 months of last year. Figures reflect an increase of 16% compared with the same period in 2023 and 40% as against 2021. At the same time, the claims paid based on these insurances in the first nine months of last year increased by 15%.
On the other hand, UNSAR specialists say that many households in Romania continue to face a significant deficit of financial protection, and an annual UNSAR survey shows that the difference between the available resources and those that a household would need in a difficult situation is, on average, about RON 154,000.
„It is essential to continue educational projects and develop sustainable partnerships between the private sector, civil society and public administrations, so necessary for reducing financial risks and improving the level of well-being,” says Roxana Baluta, Life and Health Insurance specialist and UNSAR programme coordinator.
Founded in 1994, UNSAR represents 21 companies in the field holding together over 90% of the local insurance market.
The activity of the organisation is designed to defend and represent the interests of insurers and reinsurers in Romania, to participate in improving insurance legislation, to promote the insurance business in Romania and the sustainable development of the industry in Romania domestically and internationally. In 2007, the union became a full member of the Insurance Europe federation of European insurers and reinsurers.
Official data show that insurers in Romania pay claims of EUR 5.2 million euros every calendar day.
AGERPRES
