Moldova

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Location map
author: OCHA/ ReliefWeb


Location:
- Eastern Europe.
- Neighbours: Romania, Ukraine.

Climate:
- moderate winters, warm summers.

Natural hazards:
- landslides.

Macro indicators
* 2018 estimates
Surface:33,846km2
Population*:3.5million
Pop. density*:104.6people/km2
GDP*:9.8EUR billion
GDP/capita*:2,769.6EUR

Currency: Leu
Code: MDL
Since: 1993


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:7%
TOTAL NON-LIFE*:93%
Overall Property*:8%
Overall Motor*:67%
MTPL (+GC)*:46%

Sources:



 


Statistics

Moldova 1Q2019 Rankings

Moldova 1Q2019 Market Portfolio


See all statistics

Latest news

5.3% growth y-o-y for MOLDAVIAN insurance market

The first nine months of this year marked for Moldavian insurance market, a total volume of gross written premiums of MDL 785.5 MDL (EUR 50.9 million), up 5.3% compared with January-September 2011 - according to preliminary data centralized by the National Commission of Financial Market (NCFM).

MOLDOVA: Insurers H1 combined gross profit up 23%

The combined gross profit of Moldovan insurance companies rose to 25.36 million lei (USD 2.03 million/ EUR 1.6 million euro) in the first half of 2012 from 20.63 million lei a year earlier, the country's securities commission, CNPF, said on Tuesday.

ROSGOSSTRAKH sold its share to Moldavian Insurer MOLDASIG

Russian insurance group ROSGOSSTRAKH left the insurance market of the Republic of Moldova by selling its majority share of 80% to local insurance company MOLDASIG. The deal was realized by selling the shares through stock exchange in five transactions to foreign interest companies. Total value was of MDL 194.73 million, an equivalent of EUR 12.8 million. Selling price of a single MOLDASIG share with a nominal value of MDL 100 was at MDL 410.92 according to information published by the stock exchange market of Moldova in 25th of July 2012.

MOLDOVA: 7.5% growth for the first half of 2012

The insurance market of the Republic of Moldova accounted for the first six months of 2012 to a total of MDL 501 million in underwritings, 7.5% more than the same period of 2011, as the figures recently published by the National Commission of Financial Markets (NCFM) show. In European currency, the business volume of the Moldavian insurers reached EUR 32.5 million, an increase by EUR 4.5 million compared to 1H2011. Also, paid claims by insurance companies totalized MDL 187 million (EUR 12.2 million), 8.3% more than the year before.

MOLDOVA, 1Q2012: Market growth continued

MDL 234 million (EUR 15 million) wrote in premiums the Moldavian insurers in 1Q2012, 9.4% more than a year earlier, according to the financial data centralized by the National Commission of Financial Market (NCFM). In the same time, claims reached MDL 107.5 million (EUR 6.9 million), a 20% increase in comparison to 1Q2011.

MOLDOVA: ROSGOSSTRAKH withdraws from MOLDASIG's shareholding

Last week, the supervision authority of the Moldavian insurance market authorized the decrease from 80% to 0% of the share owned by the Russian company ROSGOSSTRAKH in the capital of MOLDASIG, the leader of the Moldavian insurance market.


MOLDOVA, 1Q2012: GWP rises 4.6% Y/Y

MDL 222 million (EUR 14.3 million) wrote in premiums the Moldavian insurers in 1Q2012, 4.6% more than a year earlier, according to the preliminary financial data centralized by the National Commission of Financial Market (NCFM). MTPL insurance generated MDL 45.9 million in premiums (3.3% less than last year), or 20.7% of the market. At the same time, Green Card totalized MDL 47.3 million (12% less), equivalent of 21.3% of the total market.


MOLDOVA, FY2011: Estimates confirmed: 10% growth in GWP led the market over the first MDL billion threshold

MDL one billion (EUR 61.6 million) wrote in premiums the Moldavian insurers in 2011, 10% more than a year earlier, according to the final financial data centralized by the National Commission of Financial Market (NCFM). Claims reached MDL 348.4 million (EUR 21.3 million), an 8% increase in comparison to previous year. "Last year, the share of insurance market in GDP was 1.3%. If this indicator will reach 3%, as in developed countries, it is clear that doubling the market (MDL 2 billion) is a possibility for the next years", said Vladimir STIRBU, Director of Insurance Department of NCFM.

The Moldavian Information System is on trial

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.

Artur GHERMAN, CNPF: The Supervision Authority is aware of the MTPL insurance' importance for the market

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.

The claims value will increase considerably

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.

STIRBU, CNPF: UAM proposed the postponement of the reform

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.


MOLDOVA: Insurance market exceeds MDL one billion

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.

VIENNA Insurance could make new acquisitions in Hungary and Moldova

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.

MOLDOVA: EUR 13 million for the brokers at the end of September, 2011

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%.

MOLDOVA: 13 of 24 insurers "in red" by the end of September 2011

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).

Over 9% increase for Moldavian insurance market in 3Q2011

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.