MOLDOVA 1H2014: Insurance payments increased by over 40% in the first half year while revenues remained constant

21 August 2014 —
moldova-statisticsThe Moldavian insurance market recorded, in the first half of this year, a total gross written premiums volume of MDL 575.8 million (EUR 31 million), a figure higher by 0.74% compared to 1H2013 (MDL 571.5 million - EUR 35.44 million), according to financial data centralized by the National Commission for Financial Markets (NCFM). At the same time, in European currency, Moldovan insurers registered a decrease of 12.4% due to the depreciation of the national currency by 15%. Also, insurance companies have paid claims totaling MDL 278.9 million (EUR 15 million), almost 42% up y-o-y.

At the end of June, on the Moldavian insurance market, there were active 15 insurance companies (EXIM-ASINT has filled out the license voluntarily), of which 10 companies have announced increases in their business. The most important growth were recorded by GARANTIE Asigurari (+174%), ASTERRA GRUP (+146%) and ACORD GRUP (+117%).

Approximately 93.7% of the insurance business was reported on the non-life segment, while 6.3% corresponded to the life segment.

Moreover, the motor insurance classes MTPL, motor hull and Green Card amounted to MDL 367.8 million (EUR 19.8 million), up 12% y-o-y. At the same time, insurance companies have paid on the MTPL insurance segment MDL 39.3 million (EUR 2.1 million), on Motor Hull - MDL 57.6 million (EUR 3.1 million) and Green Card totaled MDL 38.7 million (EUR 2 million) in paid claims.

According to NCFM, in January-June 2014, MOLDASIG was the leading insurer (with 24.6% of market share), followed by ASITO (17%), DONARIS GROUP (10.1%), GRAWE CARAT Asigurari (10.1%) and MOLDCARGO (7.8%). At the same time, the market share of the top 5 insurance companies reached 69.7%.

Access and download the 1H2014 Moldavian insurance market statistics.

Market portfolio and market rankings (total/life/non-life) in EUR and MDL:
  • Gross written premiums
  • Paid claims
  • Growth rates
  • Market shares

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