More and more clients are terminating their life insurance contracts

Increasingly more Romanians are giving up life insurance products contracted in previous years, even though they get less money than they had saved, because many of them need cash, while others no longer have faith in financial institutions. Insurance companies have had to deal with a wave of contract terminations since the last quarter of 2008. However, their level is low compared with the overall number of active contracts, explains Cornelia Coman, general manager of ING Asigurari de Viata, the largest life insurer on the market. In ING’s case, contract terminations accounted for 0.5% of the active traditional life insurance contracts and for 1.1% of the total number of unit-linked contracts (insurance linked to investment funds).