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.
From July 1 this year, a new procedure for premium calculation in MTPL entered into force in Moldova and an estimated premium was introduced as part of tariff liberalization for the segment, reports Capital.market (the informational pamphlet of the National Financial Market Commission (CNPF).
In 1Q2019, the Moldovan insurance market grew 3.31% y-o-y, to MDL 343.10 million (EUR 17.66 million). Market paid claims increased significantly, by 68.59% to MDL 120.92 million (EUR 10.49 million), according to data published by the National Commission for Financial Markets (CNPF).
On July 1, 2019, insurance market liberalization begins in Moldova. After this date insurance companies will independently set tariffs for MTPL and Green Card, which are currently set by the supervisory authorities, Sputnik Moldova news agency reports.
Turkey-based Halkbank announced the acquisition of Macedonian Nova Insurance, and now shows interest in investing in Moldova, too. Halkbank is already active in North Macedonia and Serbia, making Moldova the third country in the region Halkbank wants to develop.
Moldovian insurers ended 2018 with GWP growth of 5.29% in local currency and by 10.08% in euro, by generating EUR 77.77 million in GWP.
Insurance market of Moldova as of the end of September went up by 2.27% y-o-y. At that, thanks to the favorable exchange rate evolution against euro, the market growth in European currency amounted to 7.36% (GWP of EUR 55.27 million).
In 1H the Moldovan market generated MDL 705.71 million of GWP (EUR 36.14 million), 6.39% more y-o-y, at that the market's growth in euro was twice as higher (12.82%), according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
In 1Q2018 the Moldovan market generated MDL 332.1 million, which is 7.01% more y-o-y in local currency, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
Major stakes in top two banks and three major insurers have been confiscated after illegal coordination by shareholders detected, but no buyers have come forward, leaving Moldova's financial sector in limbo.
In 2017 Moldovan insurance market produced GWP in the amount of EUR 70.6 million (MDL 1.5 billion), 6.9% up y-o-y, according to the final data of the Supervisory Authority (CNPF), centralized by the specialized portal www.xprimm.md
Claims paid by the companies decreased by 2.15% y-o-y and reached EUR 24.9 million (MDL 507.97 million).
Moldovan insurance market produced GWP in the amount of EUR 70.6 million (MDL 1.5 billion) in 2017, 4.8% up y-o-y, according to the preliminary data of the Supervisory Authority (CNPF), centralized for the first time by the specialized portal www.xprimm.md.
GWP collected by Moldavian insurers totaled MDL 1,067.96 million and went up by 5.26% compared to the similar period of 2016, according to the official data published by the National Commission of the Financial Market in Moldova (NCFM).
Until 2022, the volume of insurance reserves and the insurers' capital must reach the level of MDL 1.8 billion each, the development strategy developed for the following five years by the National Commission of the Financial Market in Moldova (NCFM) for the non-banking financial market envisions.
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.
Total GWP collected by Moldavian insurance companies in 1H2017 have reached to MDL 663.35 million, up by 5.62%, according to data published by the National Commission of the Financial Market in Moldova (NCFM).
The incomes of the insurers increased 0.9% year-on-year to MDL 1 billion 093.3 million. The incomes from insurance activities proper were MDL 978.5 million, up 14.4% year-on-year. The expenses of the insurance companies grew 8.2% to MDL 1 billion 059.5 million.
In 1Q2017, the total GWP collected by Moldavian insurance companies have reached to MDL 310.33 million, up by 9.12% y-o-y, according to the official data published by the market watchdog.