The company MOLDASIG received the approval of the Insurance Supervisory Commission (ISC) for the acquisition of 99.9% of the shares of ASITO Kapital in Romania, according to the Moldavian insurer's officials. The decision comes after four months ago, the supervisory authority in Moldova - National Commission of Financial Markets - had also approved this transaction, the documents having been sent to ISC.

EUR 8.4 million (MDL 139.5 million) totaled the brokerage market in Moldova after the first six months of 2011, according to financial data released by the National Commission of Financial Market. Compared with the previous year, when Moldavian brokers registered business of EUR 5.3 million (MDL 89.5 million), the value of mediated premiums increased by over 57%. Also, during January-June this year, brokers have mediated about 30% of gross premiums written by insurers, a degree of mediation by about 10 percentage points higher than in the same period of last year.

Gross profit in the first half of this year for the players in the insurance market was MDL 41.5 million (EUR 2.5 million), which represents, compared to 1H/2010, an evolution in absolute value of about EUR 1.9 million (editor's note: in 1H/2010, gross profit was MDL 73.2 million, the equivalent of EUR 4.4 million). Also, losses accounted by insurers amounted to MDL 20.9 million (EUR 1.3 million).

Insurance market in Moldova registered in the first six months of the current year about EUR 28.07 million (MDL 466.21 million), a nominal increase in European currency of 7.32% compared to January-June 2010. In national currency, the nominal evolution of the insurance industry in Moldova was lower, of 6.24%, due to appreciation of MDL against EUR.

The combined gross profit of Moldovan insurance companies fell to 20.63 million lei ($1.8 million/1.3 million euro) in the first half of the year from 67.5 million lei a year earlier, the country's securities commission, CNPF, said.

In the first three months of 2011 one citizen of the Republic of Moldova spent EUR 3.6 for insurance products, EUR 0.5 more than the insurance density calculated for Q1/2010. On insurance classes in the Republic of Moldova during January - March 2011, about 30 eurocents have been spent on life insurance and EUR 3.3 for household insurance per citizen.

The insurance market in the Republic of Moldova has known constant positive dynamics for the last few years, in both quantity and quality, under the circumstances of the elaborated program of reform of the industry, launched by the supervisory authority in Chisinau after the year 2007. Also, NCFM conducted feasibility studies for implementation of mandatory insurance in agriculture and on the household segment and analyzed the opportunities to include some private insurance companies in the health system circuit. All these realities create the premises of a strong market, with a developed infrastructure, from the point of view of both companies' territorial networks and their insurance products, raising awareness throughout the Republic of Moldova about the concept of "insurance".

The 65 brokerage companies active on the market in the Republic of Moldova mediated MLD 58.38 million - EUR 3.54 million, in the first three months of the current year. The figure represents, according to the data published by the supervisory authorities in Chisinau, 27.53% of the total insurance market. Altogether, in comparison with the period January - March of 2010, the volume of premium mediated by brokers grew, nominal in the European currency, by 36.7%.

Insurance companies in Moldova underwrote in the first quarter gross premiums worth EUR 11 million, down by around 14% compared with same period last year (up 7.7% in national currency), according to data submitted by the National Commission of Financial Market (CNPF). Thus, the general insurance segment cumulated underwritings worth EUR 10.3 million, or a share of 93.4%, while life insurance reached EUR 0.7 million.

"The insurance market in Moldova is now at an early stage, the total underwriting volume amounting to EUR 50 million for 2009, about 1.4% of the GDP ", stated Veaceslav IONITA, representative of the Commission for Budgetary and Finance Affaires of the Parliament, Republic of Moldova.

Insurance companies from the Republic of Moldova underwrote, in the first nine months of this year, MDL 595,5 million (EUR 39,9 million) of gross premiums, down by 6% compared to the same period of last year. On the other hand, insurance claims raised by 43,3%, to MDL 270,9 million (EUR 18,1 million), according to National Commission of Financial Markets (NCFM).

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).

Insurance companies in the Republic of Moldova have registered gross written premiums amounting to EUR 54.4 million in 2008 (calculated at the average exchange rate, according to the Moldavian National Bank), in nominal increase of 24.8% compared to 2007. Meanwhile, they paid claims of EUR 17.6 million, with 24.2% more compared to 2007. Gross profit of insurers represented EUR 11.7 million, an 150% increase, according to data provided by the National Commission of the Financial Market.

Starting with 1 January 2009, new tariffs for MTPL insurance and Green Card policies entered into force in Republic of Moldova. New calculation methods take into account the risk factors and claims ratio.

Moldavian insurers wrote EUR 39.9 million in premiums in the first ninth months of 2008, a 29.8% increase compared to the same period of last year. At the same time, claims reached EUR 11.9 million, 28.7% more then 2007. The gross profit for insurance companies was EUR 7.4 million EUR, an increase by 79.1%, according to statistics from the National Committee for Financial Markets.

Moldavian National Commission of Financial Markets (NCFM) intends to establish a Street Victims Protection Fund and a Green Card Guarantee Fund, according to news portal prim.md.
Under this project, S.V.P.F. will compensate the citizens in case of accidents with unknown author or without a mandatory insurance MTPL.

Moldavian insurance companies from TOP-10 have reported an average growth of over 40% of gross written premiums in S1/2008 in comparison to S1/2007. Market leaders have accounted over EUR 22.6 million, according to the Actuarial Association of Moldova.