European Commission, interested in insuring catastrophic risks
 European Commissioner for Internal Market and Services, Michel BARNIER, announced recently, at the European Parliament in Strasbourg, the Commission's intention to thoroughly examine insurance systems designed to cover national catastrophic risks, especially those of floods.
This initiative will involve an active dialogue with several shareholders in the industry from the EU Member States and with other experts in the insurance sector, aiming the exchange of experience and establishing priorities in this area. The result of the dialogue with representatives of Member States, with many analysts and members of profile companies will be the subject of a thematic conference, organized by the European Commission in 2011.
In Romania, it was already established a Pool of Insurance Against Disasters, in September 2009, consisting of 13 insurers, that will issue, starting this year, manadatory household insurance policies (PAD), covering 3 basic risks: earthquake, floods and landslides.
Our country could also adhere to a similar Pool to be established in the Balkan countries, promoted by the World Bank, "as it is exposed to a varied climate, from hot weather, which may cause fire, to rains and storms that can bring significant damage on buildings and crops", according to the statements of Eugene GURENKO, Senior Insurance Officer, World Bank, at FIAR 2010.
The decision adopted by the European Commission follows the interpellations initiated by several European parliamentarians regarding the inability of certain countries to generate adequate coverage for catastrophic risks, especially those of floods.
Author: Oleg DORONCEANU
on 07.06.2010
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