Insurance penetration degree has decreased, amid superior evolution of the economy
After 2009 ended with a negative result for the Moldavian insurance industry, in 2010, the profile market ended in the black. Thus, the underwritings volume of the 24 active insurers from the Republic of Moldova exceeded by EUR 3.4 million the 2009 level and by about EUR 1.3 million the 2008 value.
Thus, the superior dynamic of economy compared to the insurance market has created the premises for the decrease of the level of penetration of insurance in GDP, as it amounted, on December 31st, 2010, to the value of 1.27%. The registered value is significantly lower than the values calculated for the years 2007, 2008 and 2009, and close to the figure recorded in 2006, when the indicator stood at 1.25%.
Also, in the previous year, a citizen of the Republic of Moldova has spent an average of EUR 15.65 for insurance products, about EUR 1 more than the insurance density calculated for 2009. On insurance classes, a citizen of Moldova has spent last year 92 eurocents to insure his life and EUR 14.73 to insure his goods.
EUR 55.78 million was the total value of underwritings of insurance companies in 2010, according to data published by the National Committee of Financial Market in Moldova, an increase in national currency in nominal terms by 12.5 percentage points. In real terms, at an inflation rate of 7.4%, the dynamic of the insurance market stood at 4.7%. Also, MDL depreciation versus the EUR has disfavored the nominal evolution calculated in EUR, the dynamics for the period January-December 2010, compared to the corresponding period of 2009, marking an increase of 6.5%.
The financial data for the period January-December 2010, centralized on insurance companies, can be downloaded here.
The most important indicators of the insurance market in Moldova can be found here.
Author: Vlad BOLDIJAR
on 11.04.2011
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