Alike in previous years, the motor insurance segment generated the most significant volume of business for insurers, representing 67.53% of the total GWP. Property insurance represents the second category of business for local insurers.
NCFM representatives' stated that "GWP evolution was supported by the increase of rates for compulsory motor insurance - MTPL (since January 2016), on average 22%-42% (depending on coefficients which allows insurers to modify insurance premiums according to the financial capacity, marketing policy, etc.). In this context, given that the MTPL market share accounted for about 25% of the market, we speak rather of stagnation of GWP in this portfolio than about a positive evolution".
With the growth of GWP, insurance companies have paid even more claims last year, up over 32% in local currency, which will result in further increase of insurance rates.
In the reporting period, 16 insurance companies including GENERALI Insurance (note: the new player established at the end of 2016) have been operating on the local market.
Access www.xprimm.com and download the FY2016 Moldavian insurance market statistics.