Romania: Only 17% of citizens have savings to recover from natural disasters

A study conducted by IRES for the National Union of Insurance and Reinsurance Societies in Romania (UNSAR) reveals that only 17% of Romanians have sufficient savings to rebuild their homes following a natural disaster or major incident.

According to the findings, 29% of citizens would require additional financial support, while 15% would rely directly on assistance from the state or local authorities—a 3% increase compared to the previous year. UNSAR President Alexandru Ciuncan noted that these figures highlight a critical need for better information regarding financial protection solutions.

The report also highlights gaps in mandatory insurance coverage. As of late August, there were approximately 2.53 million mandatory PAD insurance policies in force for a housing stock exceeding 10.12 million homes, meaning only about one in four dwellings is covered. Furthermore, the mandatory PAD policy only covers specific risks such as earthquakes, natural floods, and landslides, excluding fire, theft, or storms unless optional insurance is obtained.