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Disaster relief set to go live this year

Romania is set to launch a compulsory home insurance for natural disasters this year – which insiders hope will boost this market. But there are concerns over the business case and how to police the new scheme

March 2010 - From the Print Edition

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Romania’s much delayed proposal to introduce a ‘disaster relief’ in the shape of compulsory home insurance policy for earthquakes, floods and landslides, is set for a launch later this year - although it was first due to go live in 2006.
The Government decided to introduce the compulsory home insurance after talks with the World Bank, taking into account the country’s high frequency of floods and the threat of earthquakes.
“The Government did not have enough financial resources to rep...

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COMMENTS
There is 1 comment:

Brian Douglas: on 2010-07-25 06:49:50
Clearly Romania needs to develop a form of house insurance to cover natural and man made disasters like earthquakes and floods.
Within a policy must be a payout that will cover the rebuild of at least a dwelling with 2 rooms, plus kitchen and bathroom. The question is therefore if for instance a policy that offers 10.000 Euro payout is in Romania today enough to cover reconstruction of a family dwelling with 2 rooms, kitchen and bathroom?
There is along with this the problem of poverty which is in abundance in especially rural areas where most live on less than 30 euro per month and struggle to survive in real terms, thus here monthly insurance payments must be structured to meet the population at their level if there is to be an uptake in new insurance policyholders. The investment of policy payments collected also needs to be addressed to gain the best return by insurance companies. In all I agree that Romania needs house insurance but it needs to have far more development work undertaken so that the monthly costs are affordable and the payout in times of disaster are sufficient to cover the cost of a basic dwelling to modern standards.


 
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