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August 14, 2022

PAID pays first total damage claim

Romanian insurer PAID – the Pool of Insurance Against natural Disasters paid on Monday the first total damage claim for a building insured through a mandatory policy, worth EUR20,000, for a house in Avrig, Sibiu county, which was destroyed in a flood, a press release informs.

The policy was signed with Credit Europe Asigurari, one of PAID’s shareholders, on December 28 and took effect on January 1, 2011. The building had been constructed in 1995 and had every necessary authorization. The owner will not be allowed to rebuild it in the same area, which is exposed to the risk of floods. “The flood risk has become a certainty in Romania in recent years. We are no longer wondering whether floods will happen, but when they will happen. I still believe that the main obstacle in expanding PAID’s range is the equating of the insurance policy with the penalties provided by law.

The purpose of Law 260/2008 is protecting buildings from the three types of natural disaster and not the penalties faced by uninsured homeowners,” said PAID general manager Marius Bulugea.

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