Insurance aggregator PAID selects Moody's to help model and manage earthquake risk in Romania

Pool-ul de Asigurare împotriva Dezastrelor Naturale (PAID), a natural catastrophe insurance group founded in Romania in 2009, has selected Moody's to help the company model and manage earthquake risks in Romania.

PAID is an insurance organization consisting of twelve insurance companies that form a group to provide Romanian homeowners with compulsory home insurance in accordance with the provisions of the 2008 law imposing compulsory home insurance against earthquakes, floods and landslides.

According to the announcement, Moody's Analytical Services team will work with PAID using Moody's RMS Romania seismic model to open site-level seismic hazard analyzes through probabilistic catastrophic modeling.

Furthermore, the partnership also includes collaboration between the two companies in exchanging claims data in order to assist in the continued development of the Moody's RMS Europe Earthquake HD Model.

“Moody's assists many of the world's leading catastrophe risk insurance groups, and PAID provides vital coverage to Romanian homeowners for three key risks. Earthquake risk is always present in country, with events occurring in George County during 2023, and major earthquakes in Frankia County in 1977, 1986 and 1990.”

“We have significant experience and expertise to help PAID achieve its seismic risk goals, and we look forward to building our partnership, potentially expanding the use of the model for floods, and ensuring that PAID has access to risk analytics solutions – models and technology, to support its efforts. Mission.”

“With our commitment as a provider of compulsory home insurance against three major risks in Romania, it is essential that our view of risks is relevant, up-to-date and can help us fulfill our administrative functions and provide adequate protection to insured and reinsured households. Ionut Basiu, Deputy Director General at PAID, said: “And regulatory requests.”

“Working with Moody's provides PAID with world-renowned and respected risk analyzes that demonstrate our commitment to superior risk management practices.”

It is encouraging to see Moody's RMS collaborating with PAID in order to help the company achieve its seismic risk objectives. The wide range of risk management, analytics and software models offered by the company is likely to help PAID expand its reach further throughout Romania.

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