Given the high exposure of the country to the nat cat risks, especially to earthquake and floods, solutions to address and mitigate these risks, as well as the financial burden of the recovery expenses after an eventual major event may be of critical importance. In fact, Romania is one of the very few European countries which have a mandatory nat cat insurance scheme in place.
In March 2017, Romania has commemorate 40 years since the major earthquake of 1977, an event which led to total economic losses of over USD 2 billion, approx. 5% of GDP, of which 70% in Bucharest, the European capital city with the highest seismic risk, exposed to the Mexico city effect.
Where does the Romanian property insurance market stand four decades after this dramatic experience? Unfortunately, despite all efforts, currently only about 20% of the Romanian houses have a nat cat insurance coverage. Thus, a further development of the system is not only needed, but also very urgent, as the probability of a major earthquake is increasing day by day.
Nicoleta RADU NEASCU, CEO of the Romanian Insurance Pool against Natural Disasters (PAID) and Natalia MAN, Deputy General Manager, PAID will offer to the conference attendees a complete image of the Romanian mandatory nat cat insurance system's status, together with detailed information about the future development strategies of PAID. An extended panel of discussions will involve Romanian and foreign re/insurance professionals, as well as other stakeholders.
The Nat Cat & Reinsurance Conference will take place on Tuesday, 23 May 2017, starting 10.00 hours, at the Aurelius Hotel in Poiana Brasov, Romania.
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