n 2023, Romanian insurance companies experienced a substantial surge in travel insurance payouts, reflecting a notable shift in the sector. According to a recent report from the National Union of Insurance and Reinsurance Companies from Romania (UNSAR), member companies disbursed nearly RON 50 million (approximately EUR 10 million) in claims over the past year. This figure represents a remarkable 32% increase from 2022 and a dramatic 171% rise compared to 2021.
The escalation in payouts is linked to over 14,000 claims, underscoring a growing trend among Romanian travelers to rely on travel insurance. The majority of these claims—around 80%—were attributed to medical expenses incurred while traveling abroad. The remaining 20% of claims covered various other issues including trip cancellations, interruptions, lost or delayed luggage, roadside assistance, and legal liabilities.
The highest single claim reported last year reached EUR 45,000, allocated for medical costs associated with a tourist’s health restoration. This significant payout underscores the essential role of travel insurance in providing financial security during unexpected travel emergencies.
Alexandru Ciuncan, President & General Director of UNSAR, emphasized the importance of travel insurance, stating, “While we all hope for a smooth and enjoyable vacation, unforeseen circumstances can emerge. The year-over-year increase in these compensations highlights the vital role of having financial protection through travel insurance.”
UNSAR, established in 1994, represents 21 insurance and reinsurance firms, commanding over 90% of Romania’s insurance market.
