The capacity of the reinsurance scheme held by the DisasterInsurance Pool (PAID), the issuer of mandatory home insurancepolicies, was boosted to 200m euros at the beginning of this yearas the sum negotiated last summer had been outpaced by the rate ofunderwriting in the final months of 2010.
"(...) The capacity of the scheme is regularly updated dependingon the volume of underwritten premiums and is set with the aid ofsome catastrophe models that take into account Romanianconditions," stated Marius Bulugea, president of the company.
PAID started issuing home insurance policies against damagescaused by floods, earthquakes or land slides in July 2010, a momentwhen a reinsurance scheme that could cover damages up to a100m-euro cap was set. The capacity was doubled after the number ofpolicies issued daily had reached several thousands last autumn.
PAID in early March 2011 had over 461,000 insurance policies,with the value of gross underwritten premiums revolving around 7.9meuros.
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