UNSAR Press Release – Damage Property Insurance in 2018

Property insurance for houses, commercial and industrial premises continued to prove their usefulness in 2018, according to UNSAR – National Association of Insurance and Reinsurance Companies in Romania.

Thus, in 2018, the 50 largest compensations paid by the insurance companies for the property type policies related to the corporate clients (businesses, SMEs, office buildings, commercial premises, industrial buildings, etc.) totaling approximatively 75 million lei, half of this amount being paid following the fire hazard.

52% of the 50 highest paid compensations, respectively 26 files, were opened as a result of fires, the amount paid for these files by the insurance companies was 46.5 million lei. The second place in the top of the 50 largest compensations paid by the insurance companies to the corporate clients is occupied by storm (12.4 mil. Lei), followed by floods (7.2 million lei), theft (2.25 million lei), lightning (1.5 million lei), accidental damage (1.28 million lei), pipe water (1.2 million lei), landslides (800.000 lei) and others (350.000 lei)

“Property insurance – for buildings, goods, equipment, stocks – are essential for a healthy business, providing entrepreneurs with the necessary protection in case of events that may affect their business”, said the UNSAR representatives.

This type of insurance usually covers risks such as fire, explosion, lightning, body falls, catastrophic risks (earthquake, floods, landslides), atmospheric phenomena (storm, thunder storm, hurricane, tornado, torrential rain, hail), robbery, riots and other specific risks, depending on the type of business and insurance products offered by the insurance companies.

“It is important to note that these policies can also cover the loss of profit as a result of business interruption due to the occurrence of an insured risk on the basic property policy. For instance, as a result of a fire produced at a factory, as it has recently happened, a property insurance can also cover the losses generated by a production stop” mentioned the UNSAR representatives.

* Figures relate to files for which the payments were actually made in 2018; the occurrence date of the event may be in 2018 or a previous date.

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