Over 40,000 Romanians have taken mandatory home insurance

16 sep 2010 Autor: Angela Placinta

Over 40,000 Romanians have sealed home insurance policies in the first two months after they became mandatory, with insurers hoping that home owners will understand they will receive compensation for a potential disaster only if they get insured and are no longer at the state's mercy, is the conclusion of the seminar "How will the mandatory home insurance system work? ," organised by Ziarul Financiar and PAID (The Insurance Pool Against Disasters).

PAID is the insurance company that will issue mandatory policies, which has 13 insurers as shareholders, which distribute the policies. Considering that in Romania there are over 8.3 million homes, insurers are currently striving hard to insure as many homes as possible.

"The sales rate went up from 100-200 policies a day to 1,200-1,500 policies a day. Our target is to reach 3,500-4,000 policies a day," said Marius Bulugea, PAID president, adding that he estimates 250,000 homes will be insured via mandatory policies until January 15th next year (after which the uninsured will be fined).