Romania's population is becoming increasingly vulnerable to the risk of income loss caused by illness, accidents or death, and in such an unforeseen situation, a family in our country would need, on average, 165,400 lei, according to a study published by the National Union of Insurance and Reinsurance Companies of Romania (UNSAR), according to Agerpres.
"The difference between available resources and the amount needed by a family facing a difficult situation stands somewhere around 165,400 lei," the research shows.
This confirms one of the most significant vulnerabilities affecting the population's wellbeing and its capacity to overcome risks of income loss caused by illness, accidents or death, according to the authors of the study conducted by MIR Research, at the request of UNSAR.
"The widening financial protection gap shows that Romania's population is more and more exposed to major risks. In order to change this reality, a series of measures are needed - from education and prevention to an increased access to financial protection solutions, such as life and health insurance. In this context, the introduction of tax deductibility for life insurance and and the increase of tax deductibility for health insurance are essential instruments boosting financial protection of the population," said Alexandru Ciuncan, president and general manager of UNSAR, quoted in the press release.
According to data published by the Financial Supervisory Authority, interest in financial protection is growing, with more than 2.2 million life insurance policies in force, an 8% increase compared with the first nine months of 2024.
The reduction of the protection gap cannot be achieved in isolation. A partnership is needed between the industry, the authorities, the private sector and civil society, so that financial protection becomes a natural component of wellbeing. A first essential step is financial education, which helps people understand the real risks to which they are exposed and make informed decisions to protect their income and their families,' said Roxana Baluta, Life and Health Insurance Specialist and Programme Coordinator at UNSAR.
The National Union of Insurance and Reinsurance Companies of Romania represents 22 companies in the sector. These account for more than 90% of the local insurance market. UNSAR's activity aims to safeguard and represent the interests of insurers and reinsurers in Romania, to contribute to the improvement of the legislative framework in the field of insurance, to promote insurance activity in Romania and the sustainable development of the sector domestically and internationally. Since 2007, UNSAR has been a full member of the European Federation of Insurance and Reinsurance Undertakings - Insurance Europe.
Insurance is a key sector of the Romanian economy, contributing to its development. Insurers in Romania pay out EUR 6.5 million in claims every calendar day.
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