​Allianz-Țiriac Asigurări has received 311 damage reports following the earthquakes in Gorj since the middle of last month, for which it estimates 1.3 million lei in compensation, most of which PAID, the company that manages the mandatory housing policies against earthquakes, floods and landslides, representatives of the insurance company reported on Monday.

Most of the 311 damage reports were based on PAD (Compulsory Earthquake, Flood and Landslide) policies, according to data provided by the insurer on Monday.

The company has a market share of about 20% of the total volume of home insurance on the insurance market. Of the estimated 1.3 million lei – loss reserves for the payment of compensations after the earthquakes in Gorj, most of it is covered by PAID – an insurance company that sells a compulsory home insurance policy.

• “PAID will have to pay 1 million lei for 311 claims,” ​​Aurel Badea, deputy general manager responsible for the technical area of ​​Allianz-Țiriac, said on Monday.

The other part is the compensation that Allianz-Țiriac Asigurări will pay based on optional policies (for cracks in walls, household items, companies and buildings).

• “90% of customers who take out PAD insurance also have an additional policy with Allianz-țiriac, and this share is also maintained in the area of ​​claims,” ​​said Virgil Oncutean, CEO of Allianz-țiriac Asigurări.

What would be the damage if an earthquake like the one in 1977 happened

The insurer also has scenarios for a possible major earthquake, such as the 1977 earthquake.

• “Under such a scenario, according to our estimates, we will have about 40 thousand losses, and the value of estimated compensation exceeds 400 million euros.
• We have trained our staff to manage the claims assessment and approval process.
• On the financial side, we calculate the financial capacity to withstand an earthquake twice as strong as the 1977 earthquake, and we have a reinsurance potential of almost 1 billion euros (of which 70% is guaranteed by the Allianz group).” said Aurel Badea, deputy general manager responsible for the technical area of ​​Allianz-Țiriac, on Monday.

The insurer previously announced that Allianz-Țiriac’s total exposure, i.e. the maximum amount of compensation to be paid under property insurance policies from its own portfolio, in the event of an earthquake measuring 7.9 on the Richter scale, is approximately €815 million.

Thanks to a robust reinsurance program, Allianz-Țiriac’s payment capacity for a scenario comparable in strength to the recent earthquake in Turkey and Syria exceeds the estimated maximum loss by 15%, amounting to approximately €950 million.

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