Currency: Moldavian leu (MDL) Currency conversions were calculed for an average exchange rate of: MDL 18.6321/EUR - in 2014 MDL 16.7241/EUR - in 2013 MDL 15.5632/EUR - in 2012 MDL 16.3369/EUR - in 2011 MDL 16.3995/EUR - in 2010
The Moldavian insurance market remained on a positive trend last year, with a GWP increase of 8.49% to MDL 1.18 billion (EUR 70.6 million), compared with MDL 1.09 billion (EUR 69.9 million) in 2012, according to the preliminary figures published by the National Commission for Financial Markets of the Republic of Moldova (NCFM).
VIENNA Insurance Group (VIG) announced at the end of January that it had
signed an agreement to acquire around 94% of the Moldovan insurer
DONARIS Group. The acquisition is subject to regulatory approvals. "By
entering the Moldovan market, we have expanded the VIG's network to 25
countries and gained access to one of the last blank areas on our map of
Central and Eastern Europe. DONARIS provides a good platform for
positioning on the insurance market in Moldova," commented Peter HAGEN,
CEO of the VIG.
The Financial Supervisory Authority of Moldova (CNPF) has approved the opening of the financial recovery proceedings for TRANSELIT insurance company. The decision was taken due to the conclusions of CNPF's control showing that the company failed to observe the legal provisions with regard to the formation of insurance reserves, the level of solvency margins and the liquidity ratio.
During the National Bancassurance Conference which took place on November 15th at Chisinau, the capital of the Republic of Moldova, over 140 representatives of the supervisors, insurers, banks and insurance brokers talked about the means to develop bancassurance, a channel still in its infancy. "The legal framework necessary for the development of bancassurance already exists. We are going through a time of reforms which aim to bring the market to international standards. Bancassurance, in the Republic of Moldova, is past its beginnings and it will bring benefits to insurers, banks and the final consumer", Artur GHERMAN, President of the Moldavian National Commission for Financial Markets (CNPF) said during the conference.
At the moment, 4 of the 14 commercial banks in the Republic of Moldova have a bancassurance license, Emma TABARTA, Deputy Governor, National Bank of Moldova, declared during the National Bancassurance Conference, which took place in Chisinau on November 15. "In the Republic of Moldova, the bacnassurance concept is a novelty. Until 2012, this word did not even exist in the legislation, and the notion was introduced after some regulatory changes. In my opinion, the banking segment is prepared for this new activity", Emma TABARTA pointed out.
At the end of September 2013, the gross premiums written by the 16
insurance companies activating on the Moldavian market totaled EUR 53
million, according to financial data published by the national
supervisory authority, 10.9% more that the GWP reported after the third
quarter of 2012. These results were influenced by a growth of more than
11% on the non-life insurance segment and a 7.6% increase of
underwritings on the life segment. The insurance companies paid EUR 19.5
million in claims, 19.2% more compared to January-September 2012.
The Moldavian insurers in 1H2013 wrote premiums worth MDL 571.5 million (EUR 35.4 million, 14% more than a year earlier, according to the preliminary financial data centralized by the National Commission for Financial Markets (NCFM). Also, the companies have paid claims totaling MDL 196.6 million (EUR 12.2 million), 5% up y-o-y.
In the first three months of 2013, the 17 companies operating on the Moldavian insurance market reported a gross written premiums volume of MDL 232 million (EUR 14.4 million), a value similar to the one reported in January-March 2012, according to preliminary data published by CNPF - The National Commission for Financial Markets.
For the second consecutive year, the Moldovan insurance market reported a business volume exceeding one billion MDL. Thus, GWP amounted to MDL 1.09 billion (EUR 69.9 million), an increase of over 8% compared with December 2011, as shows the preliminary data gathered by the market's supervisory authority. In European currency, the insurance market grew by over 13%, statistically helped by the Moldovan currency appreciation related to the euro.
From the 1st February, the compulsory MTPL and Green Card insurance policies will be issued only in electronic form, according to the decision taken by the Supervisory Authorities of Moldova. Discussions for the implementation of such a system began in 2009 due to several delays provoked by technical and institutional aspects. According to Vladimir STIRBU, General Director of the Insurance Supervisory Authority of CNPF, the processing of an insurance contract in normal conditions takes about one minute. Also, those who buy the MTPL insurance policy will pay according to their risk profile which will be determined by the number of accidents they produced over the previous year.