STATISTICS: Moldova: Insurance market grew by 12.1% in the first quarter

In the first three months of 2016, the total premiums of Moldova's insurance companies increased by 12.12%, up to MLD 284.41 million, compared to the same period of 2015, according to the official data published by the supervisory authority - NCFM.

In European currency, market premiums have increased by only 3.05%, up to EUR 12.86 million due to the depreciation of the national currency against the euro by nearly 9%. The value of claims paid by the Moldavian insurers increased by 44.18%, up to MLD 114.56 million, compared to January-March 2015.

The ranking of the top five players in the insurance market has undergone significant changes, a new market leader being recorded for the first time in more than 10 years.

VIG DONARIS became the largest company on the market, with a share of almost 18%, while MOLDASIG dropped to the second place (16,87%), GRAWE CARAT Asigurari was third - 14,09%, followed by ALLIANCE INSURANCE GROUP -10,43% and ASTERRA GRUP -8,49% (editor's note: in 1T2015 the insurer was the 7th in the market).

The top five insurers generated ca. 67.91% out of the total of the market's underwritings.

In the reporting period, the total volume of underwritings on the general insurance segment was MLD 265 million, representing 93.17% of the total market. As in previous years, motor insurance generated the most significant volume of business for insurance companies, representing 66.27% of the total underwritings in the market. Therefore, mandatory MTPL policies brought insurers a volume of gross written premiums totalising MLD 69.35 million (24.3% of the market), while voluntary motor insurance CASCO represented 19.46% in the market portfolio, equivalent to MLD 55.35 million.

Also, 22.43% of the total Moldavian insurers' business was generated by the Green Card policies with premiums of MLD 63.80 million. The value of claims paid for motor insurance was MLD 99.7 million, increasing by 37.6% of the total general insurance. The biggest claims were paid on insurance policies MTPL and CASCO, followed by the international insurance Green Card.

Property insurance (fire insurance and other natural disasters as well as other property insurance, cumulated) represents the second category of business for local insurers: gross premiums written was almost MLD 26 million or 9.14% of the total insurance market.

See here the ranking of companies on insurance classes.

In the analysed period, there was registered a decrease of almost 4% of gross written premiums in life insurance segment, this contributing only by 6.8% to the total market.

Access www.xprimm.com and download the 1Q2016 Moldavian insurance market statistics.

Important note: The Editorial Office www.xprimm.md provides the central figures of the insurance market of Moldova for the period January to March 2016, in Excel format, submitted by NCFM. You can see the evolution of the financial indicators of insurance companies in 2015 compared to 2014, as well as the hierarchies of the profile companies in various classes, at the following link.

Related articles

photodune-3834701-laughing-girl-xs

STATISTICS: MOLDOVA, FY 2017: GWP increased by 6.9%

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).

2018-03-29

Main conclusions: The Insurance Conference - Republic of Moldova

One of the most important annual events dedicated to the regional insurance market, The Insurance Conference - Republic of Moldova, took place on 10 October in Chisinau, gathering over 120 professionals from Moldova, Romania, Russia, Ukraine, Holland, Germany, The Czech Republic, Poland, Croatia and Latvia.

2017-10-12

Moldova: GENERAL Asigurari is the newest player to enter the market

GENERAL Asigurari is the most recent player to enter the re/insurance market in Moldova. The Board of Directors of the National Commission of Financial Market has issued the prior approval of registration in this regard, according to official anouncement made by local supervisory authority.

2016-11-10

ON THE MOVE

TOP EVENT

Why should you participate at FIAR 2018?

With an exclusive list of professional speakers, 7 conferences and workshops analyzing current trends and issues on the re/insurance markets, as well as hundreds of bilateral meetings and networking opportunities, FIAR 2018 represents a key event on the business agenda.

25.04.2018

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

19.04.2018

photodune-3834701-laughing-girl-xs

LIVE: Moscow, Russia: The XXII International Reinsurance Conference

The XXII International Reinsurance Conference has started today in Moscow, organized by Delovoy Format, with the support of the Russian Insurers Association. XPRIMM, the traditional Media Partner of the conference, has launched on the occasion the latest edition of its Insurance Profile Russia, providing for 2017 insurance statistical data.

11.04.2018

photodune-3834701-laughing-girl-xs

The 4th edition of the European Consumer Protection Conference: Main conclusions

The European Consumer Protection Conference, taking place on Thursday, 22 March, in Prague, brought into debate the consumer environment in the current European regulatory and economic landscape, the upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and the impact of technological advances in the field of financial services.

22.03.2018

See all