29.8% increase for Moldavian insurance market in Q3/2008
Moldavian insurers wrote EUR 39.9 million in premiums in the first ninth months of 2008, a 29.8% increase compared to the same period of last year. At the same time, claims reached EUR 11.9 million, 28.7% more then 2007. The gross profit for insurance companies was EUR 7.4 million EUR, an increase by 79.1%, according to statistics from the National Committee for Financial Markets.
Over this period, compulsory insurance generated EUR 9.2 million EUR in premiums, or 23% of the market, while facultative insurance totalized EUR 30.8 million, which grew by 35.7% in comparison with 2007.The life insurance segment stands for a modest 5.1% of the total market, although this line increased by 43.6% comparing to 2007, to EUR 2 million. Financial risks, agricultural and liability insurance are in a similar situation, with very low shares of the market, of 1%, 2.7% and respectively 0.1%.
The number of companies remained to 33, and still highly concentrated, the first 10 companies being responsible for 87.2% of the premiums. The top companies are MOLDASIG and ASITO, with 29.6%, respectively 22.7% market shares. They are followed by CARAT, with 7.8%, MOLDAGRO, with 6.6% and DONARIS - GROUP - 5.6%. Total assets of the insurance companies reached EUR 81.4 million, while net assets stand for EUR 38.6 million. At the same time, reserves increased by 24.8% to EUR 30.3 million.
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