For the second consecutive year, the Moldovan insurance market reported a business volume exceeding one billion MDL. Thus, GWP amounted to MDL 1.09 billion (EUR 69.9 million), an increase of over 8% compared with December 2011, as shows the preliminary data gathered by the market's supervisory authority. In European currency, the insurance market grew by over 13%, statistically helped by the Moldovan currency appreciation related to the euro."Although it was a difficult year, insurers have managed to maintain market stability, and increase the volume of GWP by over 8%, even in conditions when the country's GDP in 2012 decreased according to preliminary statistics by about 0.8%, which makes us believe in the untapped potential of insurance in Moldova", said Vladimir STIRBU, General Director of Insurance Supervision CNPF.
Claims paid by the 19 insurance companies that have reported operations for 2012 reached MDL 430 million or EUR 27.7 million - equivalent to 40% of the total subscriptions. The year before, the 22 active insurers reported a compensation volume of MDL 348 million, MDL 82 million less than in 2012.
Life insurance contributed only 6.3% to the total GWP with MDL 68.6 million (EUR 4.4 million), this value being obtained by the contribution of only three insurance companies: GRAWE CARAT Asigurari (95% - market share), SIGUR-ASIGUR (4%) and ASITO - about 1%.
As in previous reporting periods, non-life insurance has generated more than 90% of the total market: 93.7% equivalent to MDL 1.02 billion (EUR 65.5 million). Also, these types of insurance have generated the most notable amount of paid claims, MDL 421 million (98% of the total).
Among all classes of general insurance, the motor type ranked first in owning the market's consolidated portfolio. Motor Hull insurances generated 17.7% of all operations of the Moldovan insurers, maintaining approximately the value of 2011: a GWP of about LEI 192 million. Green Card policies have seen an increase of over 10%, up to MDL 211 million or 19.4% of the market, while MTPL dropped by 1.5%, to MDL 226 million (meaning 20.8% of the total value).
Other types of general insurance that had a notable contribution to the entire insurance market were the property line of business, with underwritings of MDL 154.6 million or EUR 9.9 million, health (valid both in Moldova and outside of the country) - MDL 43.8 million or EUR 2.8 million, accidents and GTPL, about 2% of the total market for both types of classes, respectively aircraft insurance (liability and voluntary, cumulated): a total underwriting volume of MDL 102 million (equivalent to 9.4% of the total market).
Access www.xprimm.com and download the FY2012 Moldavian insurance market statistics.
Market portfolio (in EUR and MDL):
- Gross written premiums
- Paid claims
- Growth rates
- All insurance market
- Life insurance
- Non-life
- Motor hull
- MTPL
- Green Card
- Property
- GTPL
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