Romanian insurance companies have seen a significant rise in compensation payouts for travel insurance policies in the past year.

According to a press release from UNSAR (National Union of Insurance and Reinsurance Companies from Romania), member companies paid nearly RON 50 million (EUR 10 mln) in claims for travel insurance in 2023. This marks an impressive 32% increase from the previous year and a staggering 171% rise compared to 2021. 

These payouts were made to over 14,000 claims, indicating a growing reliance on travel insurance among Romanian tourists. 

A substantial portion of these claims, approximately 80%, were for medical expenses incurred by travelers abroad. The remaining 20% covered costs related to trip cancellations, interruptions, delayed or lost luggage, roadside assistance, and even legal liability for damages caused to third parties. 

The largest single claim paid last year by a UNSAR member company amounted to EUR 45,000, covering medical expenses for restoring a tourist’s health. This highlights the critical role travel insurance plays in providing financial support during emergencies that can occur while traveling. 

“We all wish for a worry-free vacation, but unfortunately, unforeseen situations can arise. The increase in these compensations year over year confirms once again the importance of having a financial protection solution – travel insurance,” stated Alexandru Ciuncan, President & General Director of UNSAR. 

Established in 1994, UNSAR represents 21 insurance and reinsurance companies, holding over 90% of the local insurance market.

iulian@romania-insider.com

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