Republic of Moldova |
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The European IT solution provider Cegeka opens a new office in Moldova, intending to increase the number of employees located in Chisinau from the currently five, to 200 in the coming years, thus being able to service, among others, the banking and insurance industries in the country.
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At the end of September 2020, Moldovan insurer's ASTERRA GRUP total assets reached MDL 270.78 million (~ EUR 10.1 million). Technical reserves amounted to MLD 166.46 million (~EUR 8 million), while the solvency rate stood at 113% and liquidity coefficient was of 6.82, the company stated for xprimm.md.
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The draft law on insurance and reinsurance activities, which was approved by the Government in October this year and was developed by specialists of the National Commission for the Financial Market (CNPF) alongside experts from the World Bank, was adopted in the first reading in December during a regular parliamentary meeting, CapitalMarket reports.
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At the end of 3Q2020, the insurance market in Moldova amounted to MDL 1.06 billion (EUR 53.57 million*), which is 12.80% less y-o-y in local currency. Paid claims also decreased by almost 12%, to MDL 438 million, as the data, published by the National Commission of Financial Market shows.
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ACORD GRUP SA celebrates 18 years of work in the market. ACORD GRUP is one of the first and most successful companies in the insurance market in Moldova and has achieved this by improving the quality of services and constantly adapting to the challenges of the market, writes CapitalMarket.
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On October 28, the Government of Moldova approved a draft law on insurance and reinsurance activities, developed by specialists of the National Commission for the Financial Market (CNPF) together with experts from the World Bank. The draft law will be submitted to Parliament for consideration and further approval.
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National Bureau of Motor Insurers (BNAA) of the Republic of Moldova received the status of a full member in the Green Card system. Also, based on this decision, Alina OSOIANU, CEO of BNAA, was appointed as co-Chair of the Committee on internal settlement of the Bureau Council in Brussels.
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According to the results of 1H2020, the Moldovan insurance market decreased by 18.53%, to MDL 626.88 million (~EUR 32.24 million*), mainly due to the decline of the non-life sector, while life insurance, on the contrary, recorded GWP increase by 9.8%, as the data published by the National Commission of Financial Market show.
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On June 25, 2020, the first online conference "Insurance - between pandemic challenges and market strengthening", dedicated to the Moldovan insurance market, took place in Chisinau. The conference was organized by XPRIMM with the support of the National commission on the financial markets of the Republic of Moldova (CNPF) and the National Bureau of Motor insurers.
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The insurance sector of Moldova ended the first quarter of 2020 with a decline in GWP volumes, both in national currency (-1.11%) and in euro (-4.47%*). GWP amounted to MDL 339.30 million (~EUR 16.87 million*), according to the data published by the National Commission of Financial Market.
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The 2020 pandemic affected all sectors of Moldovan economy, including the insurance sector. Total number of new insurance contracts has decreased dramatically in the past months, a sharp decline being noticed in segments such as voluntary insurance and Green Card, CapitalMarket reports.
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According to the data of the National Commission on the Financial Markets of the Republic of Moldova (CNPF), in 2019 local insurance companies collected 7% more GWP y-o-y, informed the Chairman of the Administrative Board of CNPF, Valeriu CHITAN.
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At the end of 2019, the Moldovan insurance market recorded an increase of 7.02% y-o-y in local currency. Market GWP went up to MDL 1.6 billion (~EUR 84.4 million), while the growth rate of paid claims was more prominent (+19.09%), according to the latest data published by the National Commission of Financial Market (CNPF).
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Starting January 6th, 2020, Alina OSOIANU returns to the position of Executive Director of Moldovan Motor Insurers Bureau (BNAA). It will be the second time when she holds this position inside BNAA, after she lead the institution between 2015-2018.
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The Green Card System Monitoring Committee will decide in the nearest time whether Moldova will be excluded from the international insurance system, Valeriu CHITAN, announced.
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The Moldovan insurance sector ended the 3rd quarter of 2019 with GWP in the amount of MDL 1218.15 million (EUR 62.80 million), which in local currency is 11.53% more y-o-y, as the data, published by the National Commission of Financial Market show.
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The financial recovery procedure, introduced in July 2019, of Moldova-Astrovaz SA and Klassika Asigurari SA continues, Capital.market reports with reference to the National Financial Market Commission (CNPF) press service.
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At the end of September 2019, the World Bank's (WB) final mission from Chisinau was to assist in the implementation of the Moldovan insurance market reform, as Capital.market reports.
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The latest report of Capital.market, that references the Supervisory Authority (CNPF) press service, mentions the visit that the European Commission has made in Moldova, through the Technical Assistance and Information Exchange program.
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As of September 8, 2019, a procedure exists for peaceful settlement of traffic accidents without police documentation, Capital.market reported, according to the press-service of the National Commission for Financial Markets (CNPF).
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