STATISTICS: Moldova: Insurance market grew by 12.1% in the first quarter
In the first three months of 2016, the total premiums of Moldova's insurance companies increased by 12.12%, up to MLD 284.41 million, compared to the same period of 2015, according to the official data published by the supervisory authority - NCFM.
In European currency, market premiums have increased by only 3.05%, up to EUR 12.86 million due to the depreciation of the national currency against the euro by nearly 9%. The value of claims paid by the Moldavian insurers increased by 44.18%, up to MLD 114.56 million, compared to January-March 2015.
The ranking of the top five players in the insurance market has undergone significant changes, a new market leader being recorded for the first time in more than 10 years.
VIG DONARIS became the largest company on the market, with a share of almost 18%, while MOLDASIG dropped to the second place (16,87%), GRAWE CARAT Asigurari was third - 14,09%, followed by ALLIANCE INSURANCE GROUP -10,43% and ASTERRA GRUP -8,49% (editor's note: in 1T2015 the insurer was the 7th in the market).
The top five insurers generated ca. 67.91% out of the total of the market's underwritings.
In the reporting period, the total volume of underwritings on the general insurance segment was MLD 265 million, representing 93.17% of the total market. As in previous years, motor insurance generated the most significant volume of business for insurance companies, representing 66.27% of the total underwritings in the market. Therefore, mandatory MTPL policies brought insurers a volume of gross written premiums totalising MLD 69.35 million (24.3% of the market), while voluntary motor insurance CASCO represented 19.46% in the market portfolio, equivalent to MLD 55.35 million.
Also, 22.43% of the total Moldavian insurers' business was generated by the Green Card policies with premiums of MLD 63.80 million. The value of claims paid for motor insurance was MLD 99.7 million, increasing by 37.6% of the total general insurance. The biggest claims were paid on insurance policies MTPL and CASCO, followed by the international insurance Green Card.
Property insurance (fire insurance and other natural disasters as well as other property insurance, cumulated) represents the second category of business for local insurers: gross premiums written was almost MLD 26 million or 9.14% of the total insurance market.
See here the ranking of companies on insurance classes.
In the analysed period, there was registered a decrease of almost 4% of gross written premiums in life insurance segment, this contributing only by 6.8% to the total market.
Access www.xprimm.com and download the 1Q2016 Moldavian insurance market statistics.
Important note: The Editorial Office www.xprimm.md provides the central figures of the insurance market of Moldova for the period January to March 2016, in Excel format, submitted by NCFM. You can see the evolution of the financial indicators of insurance companies in 2015 compared to 2014, as well as the hierarchies of the profile companies in various classes, at the following link.
Author: Olesea ADONEV
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