MOLDOVA: 7.5% growth for the first half of 2012

The insurance market of the Republic of Moldova accounted for the first six months of 2012 to a total of MDL 501 million in underwritings, 7.5% more than …the same period of 2011, as the figures recently published by the National Commission of Financial Markets (NCFM) show. In European currency, the business volume of the Moldavian insurers reached EUR 32.5 million, an increase by EUR 4.5 million compared to 1H2011. Also, paid claims by insurance companies totalized MDL 187 million (EUR 12.2 million), 8.3% more than the year before.

Insurance market portfolio hasn’t undergone significant changes compared with previous reporting periods. Thus, non-life insurance generated 93.7% of the market while the rest of 6.3% goes to life insurance.

Also, from the general insurance lines, motor insurance was the market’s engine, generating the most important business volumes, with Motor Hull occupying 17.7% of the market, MTPL 23% of the market, while Green Card claimed about 21%. Likewise, property insurance (fire, natural disasters and other property insurance, summed) represented approximately 16.6% of the total insurance market.

According to the statistics published by NCFM, on the 30th of June 2012, the top insurance companies by underwritings volume show MOLDASIG first with 28% share. The following positions were occupied by ASITO (17.3% share), MOLDCARGO (13.2%), GRAWE CARAT Asigurari (11.7%) and DONARIS Group (8.2%).

The top 5 companies in the market generated approximately 78.5% of the total market, while the top 10 insurance companies (Top 5, completed by EUROASIG, VICTORIA Asigurari, TRANSELIT and KLASSIKA and ACORD Group) generated 93% of total insurance market.

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