Exclusive: Preliminary results of the Moldovan insurance market in 2017, find out here the ranking of the companies
Moldovan insurance market produced GWP in the amount of EUR 70.6 million (MDL 1.5 billion) in 2017, 4.8% up y-o-y, according to the preliminary data of the Supervisory Authority (CNPF), centralized for the first time by the specialized portal www.xprimm.md.
The figures show a change in the ranking of the companies, such that MOLDASIG returns to the first position (with a market share of 14.32%), followed by two Austrian-owned companies - DONARIS VIG and GRAWE Carat Asigurari. Generally, based on the preliminary results, it is noticeable that the difference between the volume of GWP in the case of the first 3 companies in the market is relatively small, so that we can expect other changes in this respect during this year.
ASTERRA Asigurari ranks fourth (9.86% of market share), followed by GENERAL Asigurari (9.68%) and KLASSIKA Asigurari (9.60%).
Claims paid by the companies decreased by 2.15% y-o-y and reached EUR 24.9 million (MDL 507.97 million). The largest claims were paid by DONARIS VIG (EUR 3.8 million), MOLDASIG (EUR 3.8 million) and ALLIANCE Insurance Group (EUR 3.2 million).
How do insurers estimate 2017
"We have a growing market, and even if the written volumes are not significant, we see a qualitative evolution, including the insurance culture, the quality of the supervision and the stability of the insurers," said Cristina DOLGHI, General Manager, KLASSIKA Asigurari.
Also, "the local market still tends to strengthen the financial capacity of insurers and improve the legal framework, especially in terms of shareholder requirements. The major challenge is to get the positive financial result, given the fact that motor insurance claims rate is increasing due to a number of factors, "said Vladimir STIRBU, General Manager at MOLDCARGO.
At the same time, "during 2017 new companies appeared on the market, which caused changes both in the structure and in the market shares. Some insurance companies have promoted a more aggressive strategy, " considers Vitalie POLIVENCU, Sales Manager at MOLDASIG.
According to Veronica MALCOCI, General Manager at GRAWE Carat Asigurari, "one of the challenges of the past year was the introduction of single life insurance rates/tariffs, putting the treatment among men and women on an equal footing; but also the increase in the share of voluntary home insurance sales."
Last but not least, "2017 was the year in which we focused our attention on operational efficiency solutions and increased service quality. We listened to our clients and adapted to the circumstances in order to provide quality services and meet our performance expectations, "said Igor ZAGREBELINII, Director of the ACORD Group.
• Exchange rate as of December 31, 2017: 1 EUR = 20.4099 MDL
Author: Stefan GORBAN
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