In 1H 2024, claims paid for storm-related damages to insured homes by members of UNSAR – the professional association of the Romanian insurers, reached RON 24 million (~EUR 4.8 million), which about 94% of the total compensations paid in 2023 under voluntary home insurance policies, the association said.

The total payouts were made for 3,179 damage claims, approximately 18% of all claims, with an average compensation per claim of 7,550 RON—a figure 45% higher than the average monthly income of a Romanian (5,228 RON in September, according to the National Institute of Statistics).

“Storms rank among the top risks that Romanians perceive as threats to their homes—4 in 10 fear storms and strong winds could impact them at some point. We can financially protect ourselves from the consequences of climate change with the help of a voluntary home insurance policy,” said Alexandru CIUNCAN, President & General Manager of UNSAR.

Currently, only 17% of Romanian homes are insured against storm risks through voluntary policies, even as the severity of such phenomena continues to increase. “Compared to last year, the average compensation paid for storm damage has increased by 36%,” noted Alina Bărbulescu, Property Insurance Specialist at UNSAR.

In Romania, voluntary home insurance can only be purchased for properties already covered by the mandatory PAD policy. Voluntary policies offer expanded protection, covering the real value of the property and/or belongings against natural disasters and other risks, such as fire, explosions, storms, falling objects, and damage caused by water or heating system failures.

Additionally, voluntary policies can be tailored with specific clauses to meet individual needs, such as coverage for damages caused to neighbors, photovoltaic panel repairs, or emergency services for incidents like gas or water leaks, roof damage, or power outages.

About UNSAR
Founded in 1994, the National Union of Insurance and Reinsurance Companies in Romania (UNSAR) represents 21 industry-leading companies, accounting for over 90% of the local insurance market. UNSAR's primary mission is to defend and represent the interests of insurers and reinsurers in Romania, contribute to improving the legal framework for insurance, promote the insurance activity within the country, and support the sustainable development of the industry both domestically and internationally.

Since 2007, UNSAR has been a full member of the Federation of European Insurers and Reinsurers – Insurance Europe.

Insurance plays a key role in the Romanian economy, contributing to its growth and stability. Romanian insurers pay out €5.2 million in claims every calendar day.