ING Asigurari: Policy cancellations are down to under 1%

ING Asigurari, the largest player on the Romanian life insurance market, recorded a decline in the number of clients that drop out of their life insurance contracts before due date. Now they account for less than 1% of all contracts, compared with 1.5% at the beginning of the year. Policy cancellations rose significantly in late last year, either because many of the clients needed liquidity, or because they no longer trusted the financial products, although this entailed losing part of the sums paid. However, this trend saw a slowdown in March and April. “Cancellations recorded in January and February accounted for 1.5% of the overall number of ongoing insurance contracts, and were down to 1% in March. We are glad to see that the trend in April and May continued to be a downward one. Considering that a life insurance contract is quite extensive, seeing the insurance contract through to its maturity is very important (…),” said Cornelia Coman, general manager of ING Asigurari de Viata.