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International companies sell insurance of ownership certificates in Romania

International companies have started to sell insurance policies on ownership certificates in Romania, reads an article carried by weekly Capital.

Romanian customers who request such insurance policies are usually involved in joint business with foreign investors. Their number is not so high. In Romania, the relevant market amounts however to 5 million euros a year, because of foreign investors. An insurance policy due to provide protection against requests of return of property, false documents, frauds, problems emerged because of construction authorizations or even against the attack against ownership right in the case of a divorce can cost between 0.3 percent and 1 percent of the insured sum. British company First Title, one of the biggest insurers specializing in the segment of title insurance derived last year 1.5 million euros from the activities held in Romania. First Title sells such policies directly, but also through international brokers with local presence, such as Marsh Romania. ‘'We believe next year the market will double at least. At the same time with the development of the market we'll begin to provide products specific to the Romanian market,'' Andrew Jackson, managing director First Title CEE told weekly Capital. Within a few years, the company will draw also the segment of individual customers. By insuring legal titles their access to mortgage loans will be streamlines, said Jackson. The insurance policies of ownership documents are presently used by big investors at the acquisition of plots of land for malls or plots of land for office buildings and the insured sums reach dozens or even hundreds of million euros. ‘'Last year we hand only four or five demands for such products, however we stake on a massive rise in demand. We'll promote these products to our customers and we are aiming particularly banks, leasing companies, investment funds and real estate developers, said Eduard Simionescu director at Marsh Romania. Sursa: http://www.rompress.ro

Tags: romania insurance companies ownership international

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