National Bureau of Motor Insurers (BNAA) of the Republic of Moldova received the status of a full member in the Green Card system. Also, based on this decision, Alina OSOIANU, CEO of BNAA, was appointed as co-Chair of the Committee on internal settlement of the Bureau Council in Brussels.
According to the results of 1H2020, the Moldovan insurance market decreased by 18.53%, to MDL 626.88 million (~EUR 32.24 million*), mainly due to the decline of the non-life sector, while life insurance, on the contrary, recorded GWP increase by 9.8%, as the data published by the National Commission of Financial Market
On June 25, 2020, the first online conference "Insurance - between pandemic challenges and market strengthening", dedicated to the Moldovan insurance market, took place in Chisinau. The conference was organized by XPRIMM with the support of the National commission on the financial markets of the Republic of Moldova (CNPF) and the National Bureau of Motor insurers.
The insurance sector of Moldova ended the first quarter of 2020 with a decline in GWP volumes, both in national currency (-1.11%) and in euro (-4.47%*). GWP amounted to MDL 339.30 million (~EUR 16.87 million*), according to the data published by the National Commission of Financial Market.
The 2020 pandemic affected all sectors of Moldovan economy, including the insurance sector. Total number of new insurance contracts has decreased dramatically in the past months, a sharp decline being noticed in segments such as voluntary insurance and Green Card, CapitalMarket reports.
According to the data of the National Commission on the Financial Markets of the Republic of Moldova (CNPF), in 2019 local insurance companies collected 7% more GWP y-o-y, informed the Chairman of the Administrative Board of CNPF, Valeriu CHITAN.
The employees of the National Commission of the Financial Market (CNPF) decided to contribute with a financial contribution in the amount of MDL 100 thousand (about EUR 50 thousand) to support the actions taken by the state institutions in combating the COVID-19 virus.
At the end of 2019, the Moldovan insurance market recorded an increase of 7.02% y-o-y in local currency. Market GWP went up to MDL 1.6 billion (~EUR 84.4 million), while the growth rate of paid claims was more prominent (+19.09%), according to the latest data published by the National Commission of Financial Market (CNPF).
Starting January 6th, 2020, Alina OSOIANU returns to the position of Executive Director of Moldovan Motor Insurers Bureau (BNAA). It will be the second time when she holds this position inside BNAA, after she lead the institution between 2015-2018.
The Green Card System Monitoring Committee will decide in the nearest time whether Moldova will be excluded from the international insurance system, Valeriu CHITAN, announced.
The Moldovan insurance sector ended the 3rd quarter of 2019 with GWP in the amount of MDL 1218.15 million (EUR 62.80 million), which in local currency is 11.53% more y-o-y, as the data, published by the National Commission of Financial Market show.
The financial recovery procedure, introduced in July 2019, of Moldova-Astrovaz SA and Klassika Asigurari SA continues, Capital.market reports with reference to the National Financial Market Commission (CNPF) press service.
At the end of September 2019, the World Bank's (WB) final mission from Chisinau was to assist in the implementation of the Moldovan insurance market reform, as Capital.market reports.
The latest report of Capital.market, that references the Supervisory Authority (CNPF) press service, mentions the visit that the European Commission has made in Moldova, through the Technical Assistance and Information Exchange program.
As of September 8, 2019, a procedure exists for peaceful settlement of traffic accidents without police documentation, Capital.market reported, according to the press-service of the National Commission for Financial Markets (CNPF).
In the first half of 2019, Moldovan insurers generated GWP in the amount of MDL 769.48 million (EUR 37.27 million), about 9% more y-o-y. At the same time, growth of paid claims was much more impressive - by 18.81%, up to MDL 347.02 million, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
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.