MOLDOVA: ACORD GRUP: MTPL and Green Card dominate the market

7 August 2019 — Marina MAGNAVAL
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.

At the same time, voluntary property, accident and health insurance is not quite developed and represents a modest share. According to ROSCA, the main reasons are lack of sufficient funds, a low level of insurance culture, distrust of insurance companies and the lack of economic and legal knowledge among consumers.

In 2019, Acord Grup plans to develop voluntary property, accident and health insurance, civil liability of financial and professional risks, and expand its sales network. Now the company has 17 offices.

Acord Grup has been working in the Moldovan market since 2002. The company was one of the first aviation insurers and primarily offered insurance for aviation risks until 2011, when it decided to diversify the portfolio. In 2015, Acord Grup joined the National Bureau of Vehicle Insurers. The company is one of the leaders in aviation insurance; in 2018, this insurance type accounted for 40% of Acord Grup's GWP, ROSCA explained.

According to her, the share of motor insurance in the company's portfolio is only 4.85%, and medical insurance makes up 2.63%. The charter capital of Acord Grup is MDL 37 million (~EUR 1.9 million), wrote.

In 1Q2019, Acord Grup ranked 8th in the local market among 17 companies, with GWP amounting to MDL 21.34 million and a market share of 6.22%.

*MDL 19.4318/EUR - at 31 March 2019

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