Loading ...The total amount paid by the insurance companies to those who canceled their life insurance contracts in the first nine months of 2009 stood at 77 million euros, Ziarul financ iar informs. Compared to the similar period a year earlier, the amount paid to the customers who gave up their life insurance doubled.
According to the Insurance Surveillance Commission (CSA), the insurance companies paid 236 million lei (56 million euros) in the first nine months of last year to redeem canceled policies and 89 million lei (21 million euros) to partially redeem life insurance policies (customers who did not finally give up their policies, but withdrew part of the accumulated money).
CSA did not publish data on the number of canceled policies, but according to some estimations some 70,000-80,000 contracts were involved. But their weight per total market is small, of some 1.2 percent. Cancellations were one of the reasons for a 10 percent decline on the life insurance market in the first nine months of last year.
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