Romania: medical expenses of various types were the most accessed life insurance coverages in 2023

15 January 2025 — Daniela GHETU
Reimbursement of medical expenses, hospitalization, surgical procedures, and temporary incapacity to work were the Top 5 most accessed coverages in the Romanian life insurance market in 2023, while 4 out of the 5 largest indemnities paid under this insurance line were granted as a result of the insured individuals' deaths, data provided by UNSAR show.

In 2023, according to UNSAR - the Romanian insurers’ association data, life insurance policies have been accessed more than 20,000 times for medical expenses required due to an accident or illness—a figure that highlights how essential this coverage is for people’s protection, especially in the context of rising medical costs. Additionally, over 6,000 insured individuals benefited from hospitalization expenses covered by a life insurance policy, providing significant financial support to families navigating challenging times.

During the same period, there were recorded over 6,000 claims for necessary surgical procedures following accidents or illnesses. These services, in addition to hospitalization, demonstrate the importance of financial support when the unexpected occurs. Furthermore, more than 4,600 families received indemnities due to the loss of a loved one. Lastly, life insurance also covered costs related to temporary incapacity to work, with over 4,300 claims recorded.

"Life insurance provides essential financial support during difficult times, contributing to the well-being of families and maintaining their standard of living when risks make their presence felt in our lives. It is crucial to increase access for individuals and companies to such solutions, bringing direct benefits both to Romanians and the economy in the medium and long term," stated Alexandru Ciuncan, President & CEO of UNSAR.

The top 5 most accessed life insurance benefits remained consistent in the first quarter of 2024, demonstrating that Romanians are increasingly aware of the risks they face and more focused on the financial security of themselves and their families.

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