NN, which has over 2.2 million insurance and pension clients in Romania, will be offering a home insurance policy to complement the mandatory home insurance in the country that offers basic coverage for flood, earthquake or landslide risks.
“Data shows only 17% of the 9 million residences in Romania have voluntary insurance. It is a natural step for NN to offer a home insurance product and contribute to the financial security of Romanians, building on our experience and tradition on the life insurance and private pension segments,’ said Gabriela Lupas Ticu, Chief Marketing & Operations Officer at NN Asigurari de Viata.
Over 96% of adult Romanians own their home or live in a home owned by a family member, according to the most recent Eurostat data, for 2018 , above the EU average of 70% and nearly double compared with countries in western Europe, such as Germany (51.4%). However, only 1.7 million Romanian homeowners bought mandatory home insurance in 2019 and just 1.3 million homeowners bought voluntary home insurance, according to financial watchdog data.