14% decrease for Moldovian insurers in 1Q/2010, in European currency
Insurance companies in Moldova underwrote in the first quarter gross premiums worth EUR 11 million, down by around 14% compared with same period last year (up 7.7% in national currency), according to data submitted by the National Commission of Financial Market (CNPF). Thus, the general insurance segment cumulated underwritings worth EUR 10.3 million, or a share of 93.4%, while life insurance reached EUR 0.7 million.
The most important share on the general insurance segment is held by motor liability insurance (MTPL and Green Card) - 53.7%, followed by Motor Hull - 30%, and fire and allied perils - 7%. During January-March, claims paid by companies amounted to EUR 4.42 million, down 7% compared with 1Q/2009 (up 16% in national currency).
Meanwhile, gross profit of insurers was EUR 2.72 million and net assets reached EUR 51.3 million. Moldovian insurance market remains quite concentrated, so that the three top companies hold a share of almost 62% of total underwritings, and Top 10 of the 24 companies that have reported data cumulated 88.4%, or EUR 3.8 million in the first quarter.
Leaders in the top of the profile companies remain the companies MOLDASIG and ASITO, with market shares of 24.14% and, respectively, 23.35%. These are followed in Top 5 by GRAWE Carat Asigurari (14.45%), DONARIS - 7.84%, and MOLDOVA ASTROVAZ - 4.15%.
Remember that last year profile companies from Moldova have cumulated underwritings of EUR 52.6 million, down 4% compared to 2008. Also, in the reference period, the degree of insurance penetration in GDP has reached the level of 1.4%, while insurance density (written premiums per capita) represented EUR 16.
According to statements made by Veaceslav IONITA, the President of the Budget and Finance Committee of the Moldovian Parliament, at FIAR 2010, "the objective is for property insurance market to grow 10 times in 2-3 years, and these types of policies to represent more than 0.3% of GDP. Also, Moldova aims important increases on the agricultural insurance segment and the development of Pillar II and Pillar III pension system".
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