The Green Card System Monitoring Committee will decide in the nearest time whether Moldova will be excluded from the international insurance system, Valeriu CHITAN, announced.
The Moldovan insurance sector ended the 3rd quarter of 2019 with GWP in the amount of MDL 1218.15 million (EUR 62.80 million), which in local currency is 11.53% more y-o-y, as the data, published by the National Commission of Financial Market show.
The financial recovery procedure, introduced in July 2019, of Moldova-Astrovaz SA and Klassika Asigurari SA continues, Capital.market reports with reference to the National Financial Market Commission (CNPF) press service.
At the end of September 2019, the World Bank's (WB) final mission from Chisinau was to assist in the implementation of the Moldovan insurance market reform, as Capital.market reports.
The latest report of Capital.market, that references the Supervisory Authority (CNPF) press service, mentions the visit that the European Commission has made in Moldova, through the Technical Assistance and Information Exchange program.
As of September 8, 2019, a procedure exists for peaceful settlement of traffic accidents without police documentation, Capital.market reported, according to the press-service of the National Commission for Financial Markets (CNPF).
In the first half of 2019, Moldovan insurers generated GWP in the amount of MDL 769.48 million (EUR 37.27 million), about 9% more y-o-y. At the same time, growth of paid claims was much more impressive - by 18.81%, up to MDL 347.02 million, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
The Moldovan market is underdeveloped and affected by disloyal competition. The largest share in insurer portfolios is MTPL and Green Card, since this insurance is mandatory, says Natalia ROSCA, General Director of Acord Grup.
From July 1 this year, a new procedure for premium calculation in MTPL entered into force in Moldova and an estimated premium was introduced as part of tariff liberalization for the segment, reports Capital.market (the informational pamphlet of the National Financial Market Commission (CNPF).
In 1Q2019, the Moldovan insurance market grew 3.31% y-o-y, to MDL 343.10 million (EUR 17.66 million). Market paid claims increased significantly, by 68.59% to MDL 120.92 million (EUR 10.49 million), according to data published by the National Commission for Financial Markets (CNPF).
On July 1, 2019, insurance market liberalization begins in Moldova. After this date insurance companies will independently set tariffs for MTPL and Green Card, which are currently set by the supervisory authorities, Sputnik Moldova news agency reports.
Turkey-based Halkbank announced the acquisition of Macedonian Nova Insurance, and now shows interest in investing in Moldova, too. Halkbank is already active in North Macedonia and Serbia, making Moldova the third country in the region Halkbank wants to develop.
Moldovian insurers ended 2018 with GWP growth of 5.29% in local currency and by 10.08% in euro, by generating EUR 77.77 million in GWP.
Insurance market of Moldova as of the end of September went up by 2.27% y-o-y. At that, thanks to the favorable exchange rate evolution against euro, the market growth in European currency amounted to 7.36% (GWP of EUR 55.27 million).
In 1H the Moldovan market generated MDL 705.71 million of GWP (EUR 36.14 million), 6.39% more y-o-y, at that the market's growth in euro was twice as higher (12.82%), according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
In 1Q2018 the Moldovan market generated MDL 332.1 million, which is 7.01% more y-o-y in local currency, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
Major stakes in top two banks and three major insurers have been confiscated after illegal coordination by shareholders detected, but no buyers have come forward, leaving Moldova's financial sector in limbo.
In 2017 Moldovan insurance market produced GWP in the amount of EUR 70.6 million (MDL 1.5 billion), 6.9% up y-o-y, according to the final data of the Supervisory Authority (CNPF), centralized by the specialized portal www.xprimm.md
Claims paid by the companies decreased by 2.15% y-o-y and reached EUR 24.9 million (MDL 507.97 million).