The capital is now ten times higher than at the time PAID was set up in 2009.
“The increase in share capital is a key element in our strategy to meet financial resilience. This increase bolsters PAID’s capability to respond promptly in case of catastrophic events and guarantee protection of the homes insured,” Nicoleta Radu, general manager of PAID Romania, said.
PAID is currently managing almost 2.35 million mandatory national disaster insurance policies and has supported rebuilding more than 18,000 homes in the past 16 years, settling claims from the mandatory insurance against earthquake, floods and landslides.
The Natural Disaster Insurance Pool is an insurance-reinsurance company with private capital, established by a partnership of insurance companies to offer mandatory home insurance policies.
Under the law, PAID manages the mandatory home insurance system, which covers three main risks specific to Romania – earthquakes, floods and landslides.
(English version by Loredana Fratila-Cristescu)