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".

At the celebration of 20 years of existence of the insurance market in the Republic of Moldova, XPRIMM TV team interviewed the leaders of the main local insurance companies, regarding how they estimate the local profile industry will evolve in the next couple of years.

XPRIMM TV: How do you anticipate the insurance market will evolve on short term - in the next two years?

Vitalie BODEA, General Manager, MOLDASIG: "Following the market's capitalization and after the implementation of the new regulations, I hope the insurance industry will have a more intense and safer development, for both clients and insurers. In other words, I hope there will be a tighter connection between insurance products and clients."

Eugeniu SLOPAC, General Manager, ASITO: "I believe that in the following years the market will refocus from quantity, considering the high level of players on the profile market, to quality. I hope this will transform it into a modern market and that is why I believe that all insurance companies should be dynamic and able to adapt, in terms of personnel, territorial network, access to consumer and, last but not least, in terms of increasing awareness of the Moldavian population in what insurance is concerned."

Octavian LUNGU, General Manager, VICTORIA Asigurari: "For the next few years, I anticipate the market will continue its positive trend and the already-started phenomenon of market consolidation will accentuate, through mergers and acquisitions as well as through common efforts (of the involved entities) for market development. The market may also become more open, both regarding integration with certain international financial groups and through coming of foreign investors that have a bigger opening for business in the Republic of Moldova. I hope and I believe that the share of motor insurance will reduce and we will have a more qualitative insurance market, in what the portfolio is concerned."

Ion LACATUS, General Manager, EUROASIG Grup: "If referring to a short term development, we must also refer to the development strategy of the non-banking market, approved through organic law by the Parliament of the Republic of Moldova. This strategy contains the steps that must be followed: raising company's capitalization, increasing the level of management of the companies, raising the solvency level."

Veronica MALCOCI, General Manager, GRAWE CARAT Asigurari: "I believe that for the near future we have a lot of changes in store for us, first of all because new rules have been approved regarding the solvency margin. Also, starting 2012, we must comply with the international accounting standards. Moreover, I am expecting new approvals in the legal system regarding deductibility of life insurance, of fees related to life insurance, approval of a legal system for pensions, health and property insurance."

Dinu GHERASIM, President, DONARIS Group: "In the next years, the insurance market must be brought to a superior level, must become an essential financial component in the state's economy. I could mention that the voluntray products should also be promoted and diversified, thus realizing a social balance within insurance companies. If referring to MTPL, I think prices will be liberalized and this way the tariff will adapt to the consumer, according to the insurance companies possibilities and based on actuarial calculus."

Complete interviews are available to watch on XPRIMM TV!