Vitalie BODEA, MOLDASIG: In 2009, the decrease of the insurance market was at least 30%
 "If in the period 2007-2008, the insurance market of Moldova has developed, registering steady growths of over 25%, the situation changed in 2009, when the volume of underwritings decreased by 3-4%. Personally, I think that the decline was bigger if we consider the devaluation of the MDL in relation to the European currency, in this case the reduction being situated at around 15%. Also, if we take into consideration the two parameters, the decrease of the national currency, on one hand, and increases in previous years, on the other hand, practically the decrease of the market was higher, at least 30 percentage points", said Vitalie BODEA, General Manager, MOLDASIG.
According to the leader of the insurance company MOLDASIG, the world crisis has not affected sales of insurance products for individuals, the Moldavian profile market currently focusing on mandatory insurance products: MTPL and Green Card.
Meanwhile, the economic recession fully impacts on the insurance market, and we refer to the stagnation of investment, lower leasing and managers of companies giving up certain policies, which led to a dramatic reduction in underwritings on the corporate insurance segment.
Regarding the growth premises for the insurance market, Vitalie BODEA considers that, despite significant changes in the legal framework, "for 20 years the market has not evolved in terms of insurance products. Moldavian insurance market has a relatively constant annual volume of premiums, the consumers of insurance products being the same".
Under these circumstances, the leader of MOLDASIG identifies the medical insurance, but also the private pensions sector as main potential of market growth for life insurance. These lines may prove to be engines of growth, only in the conditions of stability and consolidation of financial situations of banking institutions and insurance companies: "Last but not least, if insurance companies boost the development of insurance products and the population understands the necessity for these products, then we will be able to speak of a mature market".
Author: Vlad BOLDIJAR
on 14.07.2010
Comment this article
0 comments
|
