Until 2022, the volume of insurance reserves and the insurers' capital must reach the level of MDL 1.8 billion each, the development strategy developed for the following five years by the National Commission of the Financial Market in Moldova (NCFM) for the non-banking financial market envisions.
One of the most important annual events dedicated to the regional insurance market, The Insurance Conference - Republic of Moldova, took place on 10 October in Chisinau, gathering over 120 professionals from Moldova, Romania, Russia, Ukraine, Holland, Germany, The Czech Republic, Poland, Croatia and Latvia.
Total GWP collected by Moldavian insurance companies in 1H2017 have reached to MDL 663.35 million, up by 5.62%, according to data published by the National Commission of the Financial Market in Moldova (NCFM).
The incomes of the insurers increased 0.9% year-on-year to MDL 1 billion 093.3 million. The incomes from insurance activities proper were MDL 978.5 million, up 14.4% year-on-year. The expenses of the insurance companies grew 8.2% to MDL 1 billion 059.5 million.
In 1Q2017, the total GWP collected by Moldavian insurance companies have reached to MDL 310.33 million, up by 9.12% y-o-y, according to the official data published by the market watchdog.
The total GWP by Moldova's insurance companies increased by 9.67%, to MLD 1,347.04 million (EUR 64.48 million) in 2016, according to the official data published by the supervisory authority - NCFM.
The National Commission of Financial Market (NCFM) has decided to
sanction two shareholders of the insurance company Moldasig. Thus, the
"WESNA" L.T.D. (4.99% share) and "ERWA" Limited (4.98% share)
shareholders, have 3 months to sell their shares.
The National Commission of Financial Market (NCFM) has warned eight
insurance companies from Moldova, that they could remain without
license, because of the irregularities detected.
In 3Q2016, the total GWP collected by Moldavian insurance companies have exceeded one billion MDL, up by 11.58% compared 3Q2015, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
Most of Moldovan insurance companies were fined by the National
Commission of Financial Market (CNPF). The sanctions were imposed
because they have not met the deadline for payment of compensation and
preparing the minutes on prejudice.
GENERAL Asigurari is the most recent player to enter the re/insurance market in Moldova. The Board of Directors of the National Commission of Financial Market has issued the prior approval of registration in this regard, according to official anouncement made by local supervisory authority.
The Moldavian insurance market has recorded in 1H2016, total GWP of MDL 628 million (EUR 28,2 million), increasing by 9,5% as compared with 1H2015, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF). In the European currency, company's GWP have seen a decrease of 0,49%, as a consequence of the national currency depreciation against the European one.
Shareholders of ASITO insurance company have decided to close the company. The director of ASITO, Andrei Lupyri, has written a request to the Financial Market National Committee, with the request to take away the license.
The General Assembly of the Council of Bureaux in Brussels decided on June 2 to revoke the suspension of the National Bureau of Motor Insurers of Moldova (BNAA) from the "Green Card" system.
In the first three months of 2016, the total premiums of Moldova's insurance companies increased by 12.12%, up to MLD 284.41 million, compared to the same period of 2015, according to the official data published by the supervisory authority - NCFM.
On Friday, May, 13, 2016, the Board of Directors of the National Commission for Financial Market convoked urgently an extraordinary meeting. The reason was the imminent risk Moldova to be excluded from the international system of insurance Green Card, informs the Mold-Street.
At the end of December 2015, the Moldavian insurance market totaled MDL 1.2 billion (about EUR 58.8 million), up by 2.1% y-o-y, according to the preliminary statistics recently published by the market's supervisory authority. Claims paid by the 15 insurers that have reported operations totaled MDL 386.6 million (or EUR 18.5 million) - equivalent to 31% of the total GWP.
Council of Bureaux (CoB), the European institution based in Brussels, manager of the international insurance system "Green Card", has decided to postpone the decision suspending the National Bureau of Motor Insurers of Moldova (NBMI) of the "Green Card" until the General meeting of its members, scheduled to take place in early June, reads a press release issued by the NBMI.
All 15 insurance companies active on the Moldavian insurance market have concluded the first nine months of the year with a positive balance, according to data published by the National Commission of Financial Market (NCFM).
Starting April 1st, 2016, Moldavian drivers will not be able to buy Green Card policies from local companies, according to the most recent decision taken by the National Bureau of Motor Insurers (BNAA). According BNAA's statistics, on December 7th, there were 39,589 valid Green Card policies issued by 10 authorized insurers.