43% of the houses in Romania were insured at the end of 2012

8 August 2013 —
case7As a result of the multiple regulatory changes which generated confusion among the consumers, over 1.3 million home insurance policies were not renewed at the end of 2012, thus the number of active contracts decreasing by 1.06 million on the voluntary household insurance segment and by 243,000 on the mandatory household insurance segment, compared to 2011. At the end of 2012, only 43% of the Romanian houses were insured, after 2011, when this percentage had reached a maximum value, of 60% (The National Statistics Institute estimates that Romania's housing stock includes 8.5 million houses).

On December 31st, 3,324,910 voluntary household insurance contracts were active (compared with 4,392,647 contracts in 2011), representing 79.23% of the 4,196,660 active contracts on the property segment. As far as mandatory policies were concerned, 331,131 contracts were active at the end of last year, representing 7.89% of the total, almost three times less than the 820,000 contracts in August 2011.

The voluntary and mandatory household insurance gross written premiums reached a volume of RON 590 million (EUR 133.04 million), representing 54.6% of the total fire and allied perils insurance. The underwritings on the voluntary household insurance segment decreased to RON 565.8 million (EUR 127.58 million), from RON 638.5 million in 2011 (EUR 143.9 million). The mandatory household insurance represented 2.24% of the property segment, totalizing RON 24.2 million (EUR 5.45 million), RON 11 million (EUR 2.48 million) below the maximum value reported in 2011.

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