What you need to know in the context of war is whether you pay RCA or other insurance

Romanians who have concluded various insurance policies can rest assured. Our market is stable, although the war in Ukraine has affected many areas of activity.

As we can already see, the military conflict on the Romanian border is behaving like a shock wave over the global economy, affecting several economic areas, including international commodity markets. Well, the insurance market in our country is stable, as announced by the National Union of Insurance and Reinsurance Companies (UNSAR).

What you need to know in this context

According to the latest data provided by UNSAR, “we are going through a difficult period together, with challenges on all levels, whether we are talking about the social, economic and especially the human context”, but the insurance market works normally in our country.

“Of course, there is a lot of talk these days about war in the public space. And yes, in general, the risk of war is not covered by most insurance policies, as is the case with the losses caused by terrorism or military coups, social unrest and other such phenomena. This is happening all over the world, not only in Romania.

Of course, there are exceptions, depending on each company or the type of insurance. The explanation is that no one can predict the damage, magnitude, duration or economic consequences of a war, which is why, in principle, reinsurance companies – among the best performing entities in the world in the field of financial protection and risk management – do not include war between coatings.

And, even if it could be quantified, the price for which it would be taken over by insurers would be extremely high, which would risk making the insurance prohibitive. In addition, let’s not forget that during the war, in principle, martial law is applied, which changes the usual social, medical and patrimonial framework “, the quoted source also states.

Insurance continues to provide us with a financial balance at many critical times, UNSAR reports.