“PAID’s reinsurance program expires in July and the insurance company is in talks with reinsurers over keeping the program at the current level of EUR525 million,” said Man.
PAID was set up in September 2009 and has a share capital of RON19.34 million. Its biggest shareholders are Astra, Groupama and Gothaer Romania, each with 15%, while Generali Romania owns 11%, and ABC Asigurari, Carpatica Asig, Certasig, City Insurance, Credit Europe Asigurari, Euroins, Grawe Romania and UNIQA Romania each own 5.5%. PAID issued the first mandatory home insurance policies in July 2010.
Romania has a housing pool of around 8.5 million homes. Policies cost EUR10 and EUR20 for insured sums of EUR10,000 and EUR20,000, respectively.
PAID’s portfolio increased 120% in 2013, to over 727,000 contracts and had 1.16 million policies at the end of April.
Premiums underwritten by PAID Romania are expected to surge 70%, to over RON100 million in 2014.