Maximum 30% of homes will have mandatory insurance by the end of the year
 By the end of this year, maximum 2.5 million homes will be insured, shows a recent survey of 1asig.ro. Thus, almost 30% of respondents expect the penetration rate of mandatory household insurance to be between 10% and 30% by the end of 2010, while a share of 28% estimate that it will stay below 10%.
More optimistic are 23.8% of 1asig.ro survey respondents, who believe that penetration rate will be between 30% and 50%, and 18.4% expect that over half of all dwellings will be included in mandatory insurance.
Three weeks after household insurance became mandatory, there were completed over 10,000 policies, according to representatives of PAID - Pool of Insurance Against Disasters.
With the implementation of this law, the approximately 8.3 million homeowners must buy a mandatory insurance policy by the end of this year. Exceptions are those who now have a voluntary insurance policy and that, by the end of the contract, are covered against the three risks - floods, earthquakes and landslides. But, when the voluntary policy expires, they must also buy mandatory insurance, according to the law.
Halfway through this year, according to data centralized by the Insurance Supervisory Commission, over 2 million voluntary household insurance policies were in force.
For mandatory policies, Romanians will pay EUR 10 and EUR 20, for a maximum compensation of EUR 10,000, and EUR 20.000 respectively. Not complying to the obligation to insure the households, as provided by law, is a contravention and is punishable with a fine of RON 100 - RON 500, to be applied by the mayor of the town in which the household is located.
PAID was created in September 2009 by 13 insurance companies: ASTRA Asigurari, GROUPAMA Asigurari, PLATINUM Asigurari, ABC Asigurari, ARDAF, CARPATICA Asig, CERTASIG, CITY Insurance, CREDIT EUROPE Asigurari, EUROINS, GENERALI Asigurari, GRAWE Romania and UNIQA Asigurari.
Author: Andreea IONETE
on 18.08.2010
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