Insurance companies from Republic of Moldova underwrote in the first half of this year MDL 379.75 million (EUR 26 million) of gross premiums, down by 11% compared to the same period of last year, according to National Commission of Financial Markets (NCFM). Non-life segment has a 93.6% market share, with MDL 355.4 million (EUR 24.4 million), while the life segment recorded MDL 24.2 million (EUR 1.6 million).

Out of all non-life insurance products, the one with biggest "weight" are: MTPL - with 48% and Motor Hull insurance - with 30%.

"Local insurance market was mostly affected by a 25% decrease of Green Card insurance, compared to H1/2008", stated, for XPRIMM News, Vladimir STIRBU, the Director of Insurance Department of NCFM. "Also, there is a significant decrease on MTPL insurance (-4.2%), due to new pricing methodology", added Vladimir STIRBU.

"For the period January-June, the paid claims rose by 57.7%, to MDL 137.4 million (EUR 9.4 million), compared to the same period of 2008. Starting with 57% claims rate for H1/2009, we requested more information from the insurers, and if the rate exceeds 62%, we will recalculate the tariffs and we are not excluding a new tariff growth", said STIRBU.

At the same time, the profit of the insurers represented MDL 55.9 million (EUR 3.8 million), down by 32%, and 8 companies out of 27 had a negative result. "This decrease in profits is due to significant increase of paid claims and due to change of minimum solvency reserve", added STIRBU.

Moldavian insurance market continues to be highly concentrated, thus, the top 3 companies own 66% market share and the top 10 ones have 89% market share, with MDL 339.57 million (EUR 23.2 million).

The insurance market leaders are MOLDASIG and ASITO, with 32.2% and 23.4% market share, followed by GRAWE Carat - 10.2%, DONARIS - 6.68%, and MOLDCARGO - 4.75%.