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.
The percentage of deductions from salaries in premiums for the mandatory health insurance policy in 2012 will remain unchanged at 7%, split equally between the employer and the employee; however for the unemployed the price of the policy will increase by 210 lei to 2,982 lei, Info-Prim Neo reports.
XPRIMM Group launch the third special issue of INSURANCE Profile, dedicated to the Moldavian insurance market, this time the period January-June 2011 being analyzed. This is the sixth special issue that INSURANCE Profile, the well-known Specialty Review that publishes quarterly the results of the Romanian insurance market, launches, offering its readers up-to-date financial information regarding other insurance markets than the Romanian one.
Mihai MAZARENCO was appointed as President of the company GARANTIE Asigurari, starting November 1st, 2011, by the decision of the company's majority shareholder, ASCOM Group. All documentation related to that decision was already submitted to the National Commission of Financial Market for approval.
The leader of the insurance market in the Republic of Moldova was, after
the first six months of the year, on the 30th position in the hierarchy
of CIS insurance companies, by the underwritings criterion, shows
XPRIMM INSURANCE REPORT 1H 2011. The second company, by size, from
Moldova, ASITO, has occupied the 51st position in the same ranking,
while GRAWE CARAT Asigurari was ranked 65th. The presented ranking does
not include insurers from Russia, Ukraine, Tajikistan and Turkmenistan.
The company MOLDASIG received the approval of the Insurance Supervisory
Commission (ISC) for the acquisition of 99.9% of the shares of ASITO
Kapital in Romania, according to the Moldavian insurer's officials. The
decision comes after four months ago, the supervisory authority in
Moldova - National Commission of Financial Markets - had also approved
this transaction, the documents having been sent to ISC.
EUR 8.4 million (MDL 139.5 million) totaled the brokerage market in
Moldova after the first six months of 2011, according to financial data
released by the National Commission of Financial Market. Compared with
the previous year, when Moldavian brokers registered business of EUR 5.3
million (MDL 89.5 million), the value of mediated premiums increased by
over 57%. Also, during January-June this year, brokers have mediated
about 30% of gross premiums written by insurers, a degree of mediation
by about 10 percentage points higher than in the same period of last
Gross profit in the first half of this year for the players in the insurance market was MDL 41.5 million (EUR 2.5 million), which represents, compared to 1H/2010, an evolution in absolute value of about EUR 1.9 million (editor's note: in 1H/2010, gross profit was MDL 73.2 million, the equivalent of EUR 4.4 million). Also, losses accounted by insurers amounted to MDL 20.9 million (EUR 1.3 million).
Insurance market in Moldova registered in the first six months of the
current year about EUR 28.07 million (MDL 466.21 million), a nominal
increase in European currency of 7.32% compared to January-June 2010. In
national currency, the nominal evolution of the insurance industry in
Moldova was lower, of 6.24%, due to appreciation of MDL against EUR.
The combined gross profit of Moldovan insurance companies fell to 20.63 million lei ($1.8 million/1.3 million euro) in the first half of the year from 67.5 million lei a year earlier, the country's securities commission, CNPF, said.
In the first three months of 2011 one citizen of the Republic of Moldova spent EUR 3.6 for insurance products, EUR 0.5 more than the insurance density calculated for Q1/2010. On insurance classes in the Republic of Moldova during January - March 2011, about 30 eurocents have been spent on life insurance and EUR 3.3 for household insurance per citizen.
The insurance market in the Republic of Moldova has known constant
positive dynamics for the last few years, in both quantity and quality,
under the circumstances of the elaborated program of reform of the
industry, launched by the supervisory authority in Chisinau after the
year 2007. Also, NCFM conducted feasibility studies for implementation
of mandatory insurance in agriculture and on the household segment and
analyzed the opportunities to include some private insurance companies
in the health system circuit. All these realities create the premises of
a strong market, with a developed infrastructure, from the point of
view of both companies' territorial networks and their insurance
products, raising awareness throughout the Republic of Moldova about the
concept of "insurance".
The 65 brokerage companies active on the market in the Republic of Moldova mediated MLD 58.38 million - EUR 3.54 million, in the first three months of the current year. The figure represents, according to the data published by the supervisory authorities in Chisinau, 27.53% of the total insurance market. Altogether, in comparison with the period January - March of 2010, the volume of premium mediated by brokers grew, nominal in the European currency, by 36.7%.
Insurance companies in Moldova underwrote in the first quarter gross
premiums worth EUR 11 million, down by around 14% compared with same
period last year (up 7.7% in national currency), according to data
submitted by the National Commission of Financial Market (CNPF). Thus,
the general insurance segment cumulated underwritings worth EUR 10.3
million, or a share of 93.4%, while life insurance reached EUR 0.7