STATISTICS: Rep. of Moldova, 1H2016: GWP up by more than 9.5%, while claims increased by over 40%
The Moldavian insurance market has recorded in 1H2016, total GWP of MDL 628 million (EUR 28,2 million), increasing by 9,5% as compared with 1H2015, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF). In the European currency, company's GWP have seen a decrease of 0,49%, as a consequence of the national currency depreciation against the European one.
At the same time, the total for paid loss came to a total of MDL 224,6 million (EUR 10,1 million), marking a 43,2% y-o-y increase.
In late June, there were 15 active companies in the Moldavian insurance market, of which only 9 have seen an increase in business (attached table). According to CNPF data, the first 5 insurance companies ranked by the GWP volume are: MOLDASIG, with a market share of 17,88%, followed by DONARIS-GROUP VIG (15,69%), GRAWE CARAT INSURANCE (14%), ALLIANCE Insurance Groups (11,3%) and ASTERRA Group (8,39%). In total, these companies generated a final share of 67,36% of the total market GWP.
Furthermore, amongst the reported increases the most important in the referred period, according to the CNPF data, are GALAS Insurance (+78%), MOLDAGO (+61,3%), ASTERRA Group (+37,7%) and KLASSIKA Insurance (+33,8%).
The non-life insurance sector managed a total of 93,9%, while life insurance came in to a share of 6,05% from the total GWP value.
The market portfolio remains dominated by the motor insurance lines, which sum up to a total of 68,4%, of which MDL 160,4 million come only from the MTPL policies, Green Card policies came to a total of MDL 130,5 million and CASCO policies to a total of MDL 127,3 million.
When it comes to the other insurance segments, property type policies (fire and allied perills) summed up to a total share of 9,5%, followed by life policies, with 6% and health policies with 5,4%.
Access www.xprimm.com and download the 1H2016 Moldavian insurance market statistics.
Author: Olesea ADONEV
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