The Financial Supervision Authority recently said it has adopted amended norms regarding PAID, allowing other insurers to sell mandatory home insurance policies under collaboration protocols signed with PAID.
Asirom was set up in 1991 and has a share capital of RON157.85 million. It is among the ten largest insurers on the local market regarding underwritten premiums, which amounted to RON615.3 million in 2012. Asirom is 85.97% owned by Austrian financial group Vienna Insurance Group (VIG).
PAID was set up in 2009 and consists of Astra, Groupama, and Gothaer Asigurari (with 15% each), Generali Romania (11%), ABC Asigurari, Carpatica Asig, Certasig, City Insurance, Credit Europe Asigurari, Euroins, UNIQA Asigurari, and Grawe Romania (with 5.5% each).
PAID issued the first mandatory home insurance policies in July 2010. Policies cost EUR10-EUR20, depending on the type of building and cover damages of EUR10,000-20,000.
By the end of July 2013, PAID had issued 316,953 mandatory home insurance policies, from 330,093 by the end of 2012.
PAID has signed similar collaboration protocols with Allianz-Tiriac Asigurari and Omniasig VIG.