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
One of the major challenges that the Chisinau supervision authority must
face in 2012 is the completion of the informatic system for MTPL
policies: "As far as the implementation process goes, we wish we could
have used the electronic issuing system from a while back, but the
context didn't allow it", declared Vladimir STIRBU.
The second edition of the Seminary dedicated to the motor insurance sector took place at Chisinau, on the 2nd of April, 2012. The event was organized by Media XPRIMM, together with the Moldavian supervision authority - CNPF - The National Commission of the Financial Market. "The organization of this seminary is welcomed and extremely important in the context of the quantitative and qualitative transformations that take place on the Moldavian insurance market: exceeding the threshold of MDL 1 billion for the premiums volume, continuously consolidating the companies, implementing the electronic issuing system and, in general, adjusting the current legislation to the European aquis by implementing the best European standards and practices", observed Artur GHERMAN, Vicepresident of CNPF.
According to Pavel CATER, the President of BNAA - The National Bureau of Motor Insurers in the Republic of Moldova, in the last 5 years, the insurers paid only 60% of the real value of MTPL claims, because of the ageing factor. Thus, after the 6th of April 2012, "the average claim value will increase. We will have more expensive claims to pay. What is the solution? The only possible source is the increase of premiums. The current rates are calculated based on statistics from 2002-2008. We believe that claims will increase considerably, by 40%. Still, taking into account the increase of the services' quality, the rates should also increase", explained Pavel CATER.
According to The Supervision Authority in Chisinau, the eight company members of UAM - The Union of Moldavian Insurers, have proposed the postponement or the extension of the waiver regarding the application of stipulations concerning the elimination of the wear coefficient by three years: "This motion made by UAM members is still in discussion at the highest level - The Parliamentary Commission. If it is not approved, CNPF believes that the insurers can survive this reform without losses", explained Vladimir STIRBU, Director, The Supervision Division, CNPF.
With participation of the Ministry of Agriculture and Food Industry of Moldova (MoA), the National Beet Growers Association and the insurance company Moldasig have agreed to stop a public controversy on compensations for beet losses due to 2011 drought.
MDL one billion (EUR 61.4 million) wrote in premiums the Moldavian insurers in 2011, 9.7% more than a year earlier, according to the preliminary financial data centralized by the National Commission of Financial Market (NCFM). Claims reached MDL 334 million (EUR 20.45 million), a 3.5% increase in comparison to 2010.
Austrian insurer VIENNA Insurance could make new acquisitions in Hungary and Moldova this year if interesting targets were available, according to company's officials cited by REUTERS. Also, VIG's representatives told reporters that they are eyeing potential growth opportunities in Poland and Ukraine as well.
MDL 212 million (EUR 13 million) was the volume of gross written premiums of insurance brokers in Moldova at the end of September 2011, show the financial indicators recently published by the Supervisory Authority. Compared to the correspondent period of 2010, in EUR, the growth was over 40%, and in MDL the real evolution (adjusted at the 8.8% inflation rate) was 30%.
The 3Q2011 results of the Moldavian insurance market showed an y-o-y drop in the agregate insurers' profitability of 43%, to MDL 47.2 million (EUR 2.9 million). A total of 13 insurance companies, out of the 24 players - 5 more than in 3Q2010 -, have reported losses, their total value amounting MDL 20.6 million (EUR 1.2 million). The greatest losses were registered by DONARIS-GROUP (MDL 9 million) and IDEEA ASIGURARI (MDL 2.7 million).
Moldavian insurers wrote MDL 745.76 million (EUR 45.21 million) in premiums in the first ninth months of 2011, a 9% increase compared to the same period of last year. At the same time, claims reached MDL 251.70 million (EUR 15.26 million), 13% more than 2010, according to statistics from the National Commission of Financial Market.