Insurance market in Moldova has reached EUR 28 million

17 August 2011 — Vlad BOLDIJAR
chisinau4Insurance 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.

On insurance classes, the businesses of Moldavian insurers focused to a share of 65.83% on motor insurance (EUR 18.48 million, equivalent to MDL 306.93 million), of which 24.58% related to compulsory MTPL policies, 20.34% - Green Card, 18.34% - Motor Hull, respectively 2.58% - other types of motor insurance.

Property insurance generated 12.61% (EUR 3.5 million) of total underwritings made at market level, phased as follows: a little over EUR 3 million - fire and allied perils, the rest, about EUR half million, corresponding to other types of goods insurance.
A significant share in the insurance market portfolio was represented by life insurance, which came to represent 6.44% of the total, with about one percent more compared with the situation recorded on June 30th, 2010. Moreover, worthy to mention is the increasing of underwritings on this insurance class, of over 26%, from EUR 1.4 million in 1H/2010 to EUR 1.8 million at the end of June 2011.

Other insurance classes that have had a significant contribution to the total insurance market were health insurance policies (about 5 percentage points), aircraft insurance (2.8%), goods in transit (1.9%), accidents (1.8%), respectively, general liability policies (1.3%).

During the analyzed period, insurers from Moldova paid claims worth EUR 10.4 million, about EUR 1.2 million more than in January-June 2010. Of this total, more than 79% was correspondent to motor segment, and about 12% - to property insurance.

On June 30th, 2011, the cumulated share capital of insurance companies in Moldova totaled EUR 27.2 million (MDL 451.8 million), while gross financial result of the profit and loss amounted to EUR 1.24 million (MDL 20.63 million), about three times less compared to the figure recorded in June 2010.

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