The MOLDAVIAN insurance brokerage market up 5% y-o-y in 3Q2014

11 December 2014 — Vlad BOLDIJAR
At the end of September, the Moldavian insurance brokerage market totaled MDL 240 million (EUR 13 million), up 5% y-o-y, according to the financial data published by the National Commision of Financial Market. At the same time, the share of brokers in total insurance market increased from 26.3% (in 3Q2013) to 26.7% (in September 2014).

On the main insurance segments, the premiums portfolio was formed in proportion of 6.3% by life insurance, while the remaining rest of 93.7% was accounted by the non-life insurance classes.

According to NCFM figures, on non-life segment, the lagerst shares were accounted by motor insurance sub-segments (Motor hull 32.7% of total, Green Card - 24.5%, Motor TPL - 17.4%), followed by health policies - 8,4% (valid in Moldova and outside the country, summed), property insurance - 5.6% (fire, allied perils and other goods, added-up) and GTPL (1.3%).

During January-September 2014, the 86 active Moldavian insurance brokerage companies issued 243,537 contracts, about 7,000 more compared to the similar period of last year.

At the same time, the local brokers reported incomes from brokerage activities of MDL 73.6 million (about EUR 4 million), representing 31% of total mediated premiums.

Top 3 market ranking was formed by PRODEVIZ Broker (9.7% market share), followed by BEST Broker (5.7%) and EUROLIFE Broker de Asigurare (5.1%). Top 10 brokers generated about 46% of total premiums, while the concentration degree of the first 20 largest brokerage companies increased 10% y-o-y to 67.5%.

At the end of September 2014, the Moldavian insurance market totaled MDL 900 million (EUR 48 million), up 3.3% y-o-y.

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