Is there money for damages after floods? What the insurers say
Following the severe floods that have affected several communities in Romania in recent days, the natural disaster insurance pool (PAID) has issued a statement reaffiring their commitment to the insured persons and the ability to grant compensation in a timely manner.
Available funds and major reinsurance
According to the management of PAID, the institution has sufficient own funds to cover all the applications for compensation resulting from these natural events. Moreover, in the case of a major disaster, the company has a reinsurance program worth 1.4 billion euros – the largest in Central and Eastern Europe. This financial protection mechanism is meant to ensure the continuity of the payment of damages even in the most serious scenarios.
Operational efficiency by digitalization
Another element invoked by PAID is the digital damage management infrastructure, which allows the quick and efficient processing of the files. By reducing the bureaucracy and shortening the waiting time, the digital system facilitates a prompt response in support of the affected persons.
« Our priority is to intervene quickly and manage the situations in an efficient way, » said Nicoleta Radu, general manager of PAID, encouraging all the insured with Pad policy to notify the damages produced as soon as possible.
Legal context and mission
PAID is an insurance-reinsurance company with private capital, constituted according to Law no. 260/2008. Its purpose is to administer the compulsory insurance system of housing against the three major risks specific to Romania: earthquakes, floods and landslides.
