ASITO KAPITAL, the Romanian insurance company controlled by MOLDASIG, will take over 99% of the Ukrainian insurer STAR-POLIS's shares, based in Kiev.
Last year the Moldavian insurance market totaled MDL 1.2 billion or 0.4% more y-o-y, according to the official statistics published by the National Commission of Financial Market - NCFM. Denominated in euro, due to the depreciation of the national currency, the local insurance market was down by 9.9% to EUR 64.6 million. The value of claims paid by insurers was up by 6.6% y-o-y to EUR 27.6 million, of which motor insurance classes (hull, MTPL and Green Card, summed) accounted for more than 58% (or EUR 16 million) while financial loss policies represented 30% (or EUR 8.2 million).
During a telephone conversation between the Moldovan Prime Minister
Kirill Gaburici and Tiraspol leader Yevgeny Shevchuk it was agreed
today, April 1, to suspend the implementation of the motor insurance in
the region until April 14.
Moldovan drivers will be required to buy insurance for their cars at the
entrance to Transnistria. Each day, some 2,000 cars cross the security
zone, separatist authorities will increase the number of inspectors.
Thus, Tiraspol is trying to accumulate money in the budget of the
region, to overcome the financial crisis. Chisinau say that it is a
unilateral measure that will hinder dialogue between the two sides, TV
"Moldova 1" reported.
In December 2014, two Moldavian insurers increased their capital by more than 100%, according to a press release published by the National Commission of Financial Market (NCFM). The two capital increases led the total market capitalization from over a half million MDL at the end of 2014 to MDL 505.5 million (about EUR 26.6 million).
At the end of September, the Moldavian insurance brokerage market totaled MDL 240 million (EUR 13 million), up 5% y-o-y, according to the financial data published by the National Commision of Financial Market. At the same time, the share of brokers in total insurance market increased from 26.3% (in 3Q2013) to 26.7% (in September 2014).
The international Austrian company Vienna Insurance Group (VIG), which
in early 2014 has purchased 94% of shares in the Donaris Group insurance
company, intends to bring to Moldova the European standards in the
sphere of insurance.
In the first nine months of the current year, gross premiums written by the 16 insurance companies active on the Moldavian market totaled MDL 899.88 million, up by 3.31% compared to the same period of 2013, according to the data of the National Commission for Financial Markets.
The 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.
VIENNA Insurance Group (VIG) announced their intention to take over the remaining 6.214% stake in the Moldavian insurer DONARIS Group, after previous acquisition of around 94% stake of its shares, according to the official publication of the supervisory authority.
The Moldavian insurance market reported for January-March 2014 - gross written premiums of MDL 255 million, up 10% y-o-y, according to the preliminary figures published by the market authority - National Commission of Financial Market. In European currency - due the devaluation of Moldovan leu against the euro, the insurance market reported a decline of 3.5% y-o-y, to almost EUR 14 million.
The Moldavian insurance market remained on a positive trend last year, with a GWP increase of 9.89% to MDL 1.2 billion (EUR 71.6 million), compared with MDL 1.09 billion (EUR 70 million) in 2012, according to the official figures published by the National Commission for Financial Markets of the Republic of Moldova (NCFM).
VIENNA Insurance Group (VIG) has completed the acquisition of around 94% of Moldovan insurer DONARIS Group. VIG group officials have confirmed for www.xprimm.com the completion of the transaction, but more details in this regard will be communicated at a press conference that will take place in the near future.
The Moldavian insurance market remained on a positive trend last year, with a GWP increase of 8.49% to MDL 1.18 billion (EUR 70.6 million), compared with MDL 1.09 billion (EUR 69.9 million) in 2012, according to the preliminary figures published by the National Commission for Financial Markets of the Republic of Moldova (NCFM).
VIENNA Insurance Group (VIG) announced at the end of January that it had
signed an agreement to acquire around 94% of the Moldovan insurer
DONARIS Group. The acquisition is subject to regulatory approvals. "By
entering the Moldovan market, we have expanded the VIG's network to 25
countries and gained access to one of the last blank areas on our map of
Central and Eastern Europe. DONARIS provides a good platform for
positioning on the insurance market in Moldova," commented Peter HAGEN,
CEO of the VIG.
The Financial Supervisory Authority of Moldova (CNPF) has approved the opening of the financial recovery proceedings for TRANSELIT insurance company. The decision was taken due to the conclusions of CNPF's control showing that the company failed to observe the legal provisions with regard to the formation of insurance reserves, the level of solvency margins and the liquidity ratio.
During the National Bancassurance Conference which took place on November 15th at Chisinau, the capital of the Republic of Moldova, over 140 representatives of the supervisors, insurers, banks and insurance brokers talked about the means to develop bancassurance, a channel still in its infancy. "The legal framework necessary for the development of bancassurance already exists. We are going through a time of reforms which aim to bring the market to international standards. Bancassurance, in the Republic of Moldova, is past its beginnings and it will bring benefits to insurers, banks and the final consumer", Artur GHERMAN, President of the Moldavian National Commission for Financial Markets (CNPF) said during the conference.
At the moment, 4 of the 14 commercial banks in the Republic of Moldova have a bancassurance license, Emma TABARTA, Deputy Governor, National Bank of Moldova, declared during the National Bancassurance Conference, which took place in Chisinau on November 15. "In the Republic of Moldova, the bacnassurance concept is a novelty. Until 2012, this word did not even exist in the legislation, and the notion was introduced after some regulatory changes. In my opinion, the banking segment is prepared for this new activity", Emma TABARTA pointed out.
At the end of September 2013, the gross premiums written by the 16
insurance companies activating on the Moldavian market totaled EUR 53
million, according to financial data published by the national
supervisory authority, 10.9% more that the GWP reported after the third
quarter of 2012. These results were influenced by a growth of more than
11% on the non-life insurance segment and a 7.6% increase of
underwritings on the life segment. The insurance companies paid EUR 19.5
million in claims, 19.2% more compared to January-September 2012.
The Moldavian insurers in 1H2013 wrote premiums worth MDL 571.5 million (EUR 35.4 million, 14% more than a year earlier, according to the preliminary financial data centralized by the National Commission for Financial Markets (NCFM). Also, the companies have paid claims totaling MDL 196.6 million (EUR 12.2 million), 5% up y-o-y.