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.

Valeriu CHITAN, President, CNPF - The National Commission for Financial Markets in Moldova
  • The CEE markets are currently undergoing a transformation process, both as far as regulation and operations are concerned, facing new requirements and challenges. We see this current stage as a transition towards euro-conformity and good practices
  • Moldova continues to be dominated by motor insurance - MTPL and Motor Hull and Green Card. In 2016, out of the Moldovan leu 1.35 billion, MTPL represented under 50%. The low income and the lack of financial education of the Moldavian citizens can be easily seen
  • I want to confirm to the representatives of CoB from Bruxellles our entire and complete commitment in fulfilling the clauses we have taken upon ourselves
  • The national insurance market has perspectives for development. Given this context, CNPF will continue to implement projects together with the European Union and the World Bank
Svetlana LUPASCU, Director, General Direction for Insurance Supervision, CNPF - The National Commission for Financial Markets in Moldova
  • We have 16 companies on the insurance market in Moldova which have a statutory capital of lei 520 million. The estimated profit for 2017 is lei 110 million
  • For 2018, the World Bank estimates an economic increase of 3.8%
  • 2018 is a year of challenges for us: we aim to create two new laws for the MTPL segment, to raise the awareness regarding Solvency II and to help the development of voluntary insurance products
Cornel COCA CONSTANTINESCU, Vice-President, ASF - The Financial Supervisory Authority in Romania
  • The financial non-banking market in Romania has recently implemented an integrated financial supervision system, since the markets are interconnected. Financial products belong to different segments but need to be supervised in a consolidated manner
  • The insurance industry in Romania is an emerging one, but this is exactly what gives it its growth potential. For example, life insurance represents only 18% of the total GWP , compared to 60% at the European level
  • The Romanian insurance market has recently undergone a reset moment. We now report an 11% increase on the non-life insurance segment and a 6% increase on the life insurance segment
Alla MIGASHKO, Senior Reinsurance Broker, AON Central and Eastern Europe, Czech Republic
  • After a period of stagnation, global reinsurance demand has recently shown a modest increase. The main drivers are improved economics, the prevalence of risk-based capital regimes and new or emerging areas of risk transfer, such as mortgage credit and cyber business
  • Alternative capital deployment is also developing as a trend the international scale
Gordana LETICA, Member of the Board, Financial Services Supervisory Agency, Croatia
  • Croatia entered the EU in 2013 and we jumped onto a running train. 
  • So the successful adaptation of the insurance industry to this situation is a real accomplishment for us
  • In July 2014 the Insurance Act introduced in Croatia a part of the Solvency II obligations
  • Since 2013, a total of 7 insurance undertakings merged and several others have been announced to do so
Klime POPOSKI, President, Insurance Supervision Agency, Macedonia
  • Climate change is making an impact on economic losses. We are witnessing an increase of the global warming with 2016 being the warmest year ever recorded. Atmospheric carbon dioxide level is also on the rise. Population growth and high concentration of assets in exposed areas are additional risk factors.
  • Instead of lowering, the protection  gap between insured and uninsured losses grew between 1980 and 2016.
  • We need a consistent disaster risk management system
  • Private-Public Partnership Systems are crucial for developing the cat insurance segment
Bostjan VOVK, Deputy President, Insurance Supervision Agency, Slovenia
  • My expectation in terms of risk-based supervision would be to turn your attention from the past to the future 
  • The additional data that we have, particularly if it is forward-looking brings a lot of advantages for regulators and for the markets in general
  • Regulating or deregulating MTPL is an important question for each and every market
  • Both extremes in terms of having too low or too high premiums pose challenges to insurance markets after de-regulation
  • The role of supervisors is extremely important in terms of monitoring a certain MTPL market after de-regulation
Juris STENGREVICS, Member of the Board, Motor Insurance Bureau, Latvia
  • 391 million EUR GWP produced by 16 insurance companies
  • MTPL insurance was introduced in 1997 and since joining the EU in 2004 we decided to have the insurance premiums tariffs assessed by insurers as opposed to the previous regulated premiums that were previously in place
Alexandru D. Ciuncan, Member of the IRSG & OPSG, EIOPA; Managing Partner, XPRIMM
  • For the first time, consumer protection is embedded in the product itself. It is the first time when insurance manufacturers, insurance undertakings and intermediaries have to design, use and review processes for the approval of new products. All these have to happen before the marketing or distribution. The product approval process must specify the identified target market and also if the distribution strategy is consistent with this market. This information should be made available to all distributors.
  • What we need is balance. What we also need is trust between supervisors, industry and consumers. The intention is definitely good. But one should not forget that the devil is always in the details...

Related articles

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.


STATISTICS: Rep. of Moldova, 1H2016: GWP up by more than 9.5%, while claims increased by over 40%

The Moldavian insurance market has recorded in 1H2016, total GWP of MDL 628 million (EUR 28,2 million), increasing by 9,5% as compared with 1H2015, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF). In the European currency, company's GWP have seen a decrease of 0,49%, as a consequence of the national currency depreciation against the European one.



New Head of Investor Relations at AEGON

Jan Willem WEIDEMA has been appointed as the new Head of Investor Relations at AEGON. He succeeds Willem van den BERG who has led the Investor Relations team over the past 7 years.


Robin SPENCER to leave NN Group

NN Group announced that Robin SPENCER will step down as Chief Executive Officer of International Insurance and member of the Management Board of NN Group, effective 1 June 2018.



"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.



"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.



Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.



The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!


Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".


Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.


See all