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July 3, 2022
BUSINESS

PAID supplemented reinsurance contract by EUR 100 M

The Natural Disaster Insurance Pool (PAID) renewed the reinsurance contract, also supplementing it by another EUR 100 M, compared to the earlier contract, up to EUR 300 M, the company announced, yesterday, by a press release. According to the company, the supplementing was needed given the expansion of the issued policies’ portfolio.
Initially, the reinsurance program, signed in July 2010, when the first policies were issued, amounted to EUR 100 M, a level subsequently supplemented to EUR 200 M.

PAID retains EUR 250,000 for one event, according to the reinsurance contract. The leader of the 2011-2012 reinsurance program is Sirius Re, a company enjoying international recognition for reinsurance against the risk of natural disaster. Between July 15, 2010, and June 30, 2011, PAID received 45 applications for damages, out of which 16 were solved and paid, while, for the others, damage reserves were allotted and a solution is pending. Damages paid by PAID amounted to over RON 80,000, while damage reserves, set up for all the 45 applications, amounted to over RON 300,000.

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