Such a difference in growth rates was due to the favorable exchange rate evolution, appreciation by 4.35% y-o-y, as the data of the National Commission of Financial Market in Moldova (CNPF) show.
The shares of life and non-life in the market portfolio are almost the same as a year ago (6.59% and 93.41% accordingly). The GWP growth rates of both sectors in 2018 were pretty similar, however, in terms of paid claims, the Life sector dropped by about 24% in local currency, while paid claims in Non-life went up by 7.43%. Total market paid claims increased by 6.23% y-o-y to MDL 537.53 million (EUR 27.54 million), according to CNPF.
The highest growth of GWP was demonstrated by property insurance (+28.43% in local currency), which accounts for 7.64% of the market, while motor insurance, with 44.35% of the market portfolio, showed rather moderate growth in the local currency of 4.57% y-o-y.
The Moldavian market is represented by 17 companies, and only 5 of them have market shares over 10%, with the biggest share (14.34%) owned by GRAWE CARAT ASIGURARI. The market leader slightly increased its share y-o-y, as well as insurers taking 4th and 5th positions in TOP-5 - GENERAL ASIGURARI (to 11.68%) and ASTERRA GRUP (to 10.49%). While the shares of the 2nd and 3rd market ranked companies decreased y-o-y. In life insurance, GRAWE CARAT ASIGURARI is the main and almost the single player, with its life share extending to 100% (98.87% vs 97.02% a year ago).
Access http://xprimm.com/ and download FY2018 Moldovan insurance market statistics.
- Market indicators (in EUR and MDL): GWP / Claims / Growth rates / Portfolio;
- Life & non-life market rankings (in EUR and MDL): GWP / Claims / Rates / Shares.