In an economic climate shaped by inflation, rising living costs and pressure on household budgets, over 78% of Romanians say voluntary insurance is necessary to protect against unforeseen events that could destabilize their family finances.
Yet only a small share actually hold a life or health insurance policy, underscoring the persistent gap between perceived need and real financial protection, according to a new Allianz-Țiriac survey of 1,036 respondents nationwide.
Health remains the top concern, cited as a priority by 73% of participants, followed by life protection for themselves and their families (62.4%) and long-term financial security for their children (35.6%). Despite this, just 31% currently have a life or health insurance policy, while only 11.5% report owning an insurance product with a savings component for their children.
Market-wide, Romania counts roughly 2.1 million active life insurance contracts and 255,000 health insurance policies, according to the latest data from the Financial Supervisory Authority (ASF), far below the levels seen in more mature markets.
Affordability remains the biggest barrier
Limited financial capacity is the main reason Romanians hesitate to purchase coverage. Nearly 44% of respondents say they could allocate up to 100 lei per month for a life or health policy, while 29% have an even tighter budget, below 50 lei. Only 21.1% say they could spend 100–300 lei monthly, and just 5.9% are willing to allocate more than 300 lei.
Overall, Romanians dedicate relatively small amounts to financial protection. Almost 31% spend less than 5% of their monthly income on insurance, savings or emergency funds, while 29.7% allocate 5–10%. Two in ten dedicate 10–20%, and only 5.4% exceed the 25% threshold.
Despite budgetary pressure, many say they would make lifestyle compromises to secure coverage: 46.6% would cut back on dining out, 40.7% would reduce spending on clothing or personal items, 28.2% would cancel subscriptions to streaming platforms.
Looking ahead: Mandatory insurance comes first
When asked about future plans, most respondents intend to prioritize mandatory insurance in the next 12 months. They are followed by interest in: health insurance – 30.11%, life insurance – 29%, voluntary home insurance – 25.38%, CASCO auto insurance – 14%.
Articolul Most Romanians see insurance as essential, but few can afford It a fost publicat prima dată în Money Buzz! • Știri Economice, Știri Financiare, Știri Business