PAID’s underwriting revenue reached RON143 million in 2014, company general Nicoleta Neacsu said Monday.
PAID ended 2014 with a portfolio of 1.49 million mandatory home insurance policies, double compared to 2013, but down from a peak of 1.57 million reached early September 2014.
Neacsu said the company has proposed the financial watchdog ASF a series of legislative amendments that would help it function better. For instance, she said, the company wants to be able to sell home insurance policies directly, instead of via brokers, whose interest to sell such policies is low because of low commissions.
PAID was set up in September 2009. The company’s largest shareholders are Astra, Groupama and Gothaer Romania, each with 15%. Generali Romania owns 11%, while ABC Asigurari, Carpatica Asig, Certasig, City Insurance, Credit Europe Asigurari, Euroins, Grawe Romania and UNIQA Romania each hold 5.5%.
PAID issued the first mandatory home issuance policies in July 2010.
In 2013, premiums underwritten on mandatory home insurance increased 149%, to RON60.25 million, from RON24.2 million in 2012, according to ASF data.
Policies cost EUR10-EUR20, depending on the type of building and cover damages of EUR10,000-20,000.