10 companies control 88% of Moldavian insurance market
Moldavian insurance companies from TOP-10 have reported an average growth of over 40% of gross written premiums in S1/2008 in compared to S1/2007. Market leaders have accounted over EUR 22.6 million, according to the Actuarial Association of Moldova.
This represents 88% of total gross written premiums in the reference period, up to five percentage points versus 2007. The leading five companies (representing 15% of all 33 companies) totalled almost 72% of all gross written premiums and 62% of all market assets. Moreover, two insurance companies alone (ASITO and MOLDASIG) accounted for 51% of all premiums volume and 46% of assets respectively, which talks about a pronounced tendency of market concentration.
As far as the top leading insurance companies are concerned, MOLDASIG and ASITO continue to be leaders on the non-life insurance market, followed by CARAT, MOLDCARGO and DONARIS GROUP.
In the first semester, the gross written premiums of all 33 insurance companies amounted to approximately EUR 25.7 million, a 33% increase compared to the same period of the previous year. In addition, the GDP penetration rate reached the highest level in the history of insurance in the Republic of Moldova, 1.6%.
