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Life insurers' clients cancelled 95m euros' worth of policies last year

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30.03.2011, 23:26 10

The volume of policies redeemed early dropped by 5% last yearafter having doubled in 2009 compared with 2007.

Tens of thousands of Romanians cancelled their life insurancepolicies last year or withdrew part of the money accumulated ininsurance accounts as a result of the dwindling incomes, andredemptions paid by insurers reached 402m lei (95.5m euros),according to the data provided by the Insurance SupervisionCommission (CSA).

Redemptions dropped by 5% from the almost 425m lei record level,but they are still way above the volume of policies cancelled in2007-2008, when the life insurance market registered two-digitgrowth.

"Clients needed money because of the economic downturn and thenchose to break these life insurance accounts. I believe last year'sdecline shows people have somewhat got used to the crisis and withless money and then thought of keeping life policy money," saysBogdan Andriescu, chairman of UNSICAR, the association of insurancebrokers.

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