The volume of policies redeemed early dropped by 5% last year after having doubled in 2009 compared with 2007.
Tens of thousands of Romanians cancelled their life insurance policies last year or withdrew part of the money accumulated in insurance accounts as a result of the dwindling incomes, and redemptions paid by insurers reached 402m lei (95.5m euros), according to the data provided by the Insurance Supervision Commission (CSA).
Redemptions dropped by 5% from the almost 425m lei record level, but they are still way above the volume of policies cancelled in 2007-2008, when the life insurance market registered two-digit growth.
"Clients needed money because of the economic downturn and then chose to break these life insurance accounts. I believe last year's decline shows people have somewhat got used to the crisis and with less money and then thought of keeping life policy money," says Bogdan Andriescu, chairman of UNSICAR, the association of insurance brokers.
The volume of policies redeemed early dropped by 5% last year after having doubled in 2009 compared with 2007.
Tens of thousands of Romanians cancelled their life insurance policies last year or withdrew part of the money accumulated in insurance accounts as a result of the dwindling incomes, and redemptions paid by insurers reached 402m lei (95.5m euros), according to the data provided by the Insurance Supervision Commission (CSA).
Redemptions dropped by 5% from the almost 425m lei record level, but they are still way above the volume of policies cancelled in 2007-2008, when the life insurance market registered two-digit growth.
"Clients needed money because of the economic downturn and then chose to break these life insurance accounts. I believe last year's decline shows people have somewhat got used to the crisis and with less money and then thought of keeping
