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EUR 1 billion! Because the first figure, really matters!

EUR 1 billion is the cumulative amount of claims paid by Romanian insurers last year. In a review of important figures we believe that it is the first one you encounter. Why?

If you want to access any of the websites of Romanian insurance companies for a few seconds, the only information available is the number of complaints made by its customers.

An order issued by the supervisory authority 3 years ago force companies to do so. Here’s how, in an area based on trust first information we may find is a bad thing for the insurer.

Of course, our thoughts about chronic problems of the local market which resulted in over 12,000 petitions the supervisory authority recorded during 2014 are not some quiet!

Yes, the market has chronic problems that should not be hidden under the carpet but no emblematic pushed forward!

This year the star of the local market is fickle MTPL. Celebrity for more than 600 million as MTPL market is worth more than a third of insurance industry. Whimsical because it brings the most amount of paid claims and that more than 70% of the complaints made by the insured last year are associated MTPL policies.

But among chronic problems and customer complaints let’s keep in mind one figure: 1 billion euros!

That amount was paid by Romanian insurers during the past year. The money paid by “insurers do not pay claims” would have built 200 km of motorway in Romania! One more reason to never neglect the social role of insurance!