Insurance Market. General Considerations of Insurances in Romania

Marinel Nedeluţ and Corina Frăsineanu
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Marinel Nedeluţ: Financial Bank University, Bucharest, Romania
Corina Frăsineanu: Bucharest University of Economic Studies, Romania

Annals of the University of Petrosani, Economics, 2013, vol. 13, issue 1, 191-204

Abstract: Insurance is a contract made by a company or society, or by the state, to provide a guarantee for loss, damage, illness, death etc in return for regular payments. In other words it is a means by which one pays a relatively small known cost for protection against an uncertain and much larger cost. Still, this contract (insurance policy) makes it possible for the insured to cover only losses that are measurable in terms of money and caused strictly by hazardous events, independent from own doing. If no such events should happen, the benefits won’t exist in a tangible, material form, but will take the shape of security against ruin. Since the insurance industry has developed more during the last decade due to the powerful players that have entered the market, the services provided by the insurance companies, and not only their products have evolved a lot in order to meet the requirements of the consumers, and to make them familiar with this type of investments. Therefore all the means of advertising became essential in this process of implementation and familiarization with this area of activity: mass-media advertising, insurance brokerage companies, the internet are all parts of this process.

Keywords: risk; insurance policy; insurance premiums; insurance portfolio; General public liability insurance (search for similar items in EconPapers)
JEL-codes: G1 G22 (search for similar items in EconPapers)
Date: 2013
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