Veronica MALCOCI, General Director, GRAWE Carat Insurance Company, Moldova

26 February 2015 —
Veronica MALCOCI, General Director, GRAWE Carat Insurance Company, Moldova
veronica_malcoci3XPRIMM: How do you evaluate the economic development in 2015 in Moldova?
Veronica MALCOCI:
The economic situation mostly depends on the country's political situation, which is now still in a building-up process. We hope that projects and reforms that are going to be undertaken by the new government will be in accordance with the European standards and will be in the citizens' benefit.

XPRIMM: How do you evaluate the future development of the non-life insurance segment?
V. M.:
At the moment, the insurance industry is underdeveloped because it is closely related to the economic, political and social situation in the country. The compulsory insurance is currently the most developed line. Moreover, over the past three years, the non-life insurance segment remained on a positive trend, but without significant changes (approx. 94%) which allows us to be optimistic. Another important factor is that the existing company portfolio allows us to cover all the customers' needs.

XPRIMM: What are the insurance classes with the greatest potential in 2015?
V. M.:
Based on data from the previous years, motor insurance (MTPL, Motor Hull and Green Card) generated the largest volume of premiums, and in 2015 we believe that the situation will not suffer major changes. Thus, these line of insurance will take up the highest percentage in the non-life insurance segment.

XPRIMM: What are your estimates regarding the sales and level of prices for motor insurance products in 2015?
V. M.:
If last year's trend will maintain, we expect an increase of the Motor Hull insurance business. The main reasons is that we have established a clear company image among our clients as an equitable insurer that pays the claims.

According to the legislative framework, the prices for MTPL and Green Card insurance policies are set by the National Commission of Financial Market. As far as the Motor Hull insurance is concerned, we don't expect any price increase.

XPRIMM: How do you evaluate the development of the life insurance line in 2015?
V. M.:
Life insurance is currently on a positive trend, reporting increases, which demonstrates that our customers are becoming more and more aware of the benefits of life insurance and its role in their lives. Since 2014 GRAWE Carat has been demonstrating responsibility by paying the benefits due under the expired contracts of GRAWE's first clients in Moldova. Thus, in 2015 we forecast an increase in premiums by at least 5%.

XPRIMM: What products will you continue to develop in 2015?
V. M.:
This year, we will continue to work on the same traditional product, namely, endowment insurance because it is the program that enjoys the greatest success among customers. The population of Moldova is becoming more and more concerned about the future and the financial security of the family. We will also continue to develop and launch new insurance products.

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