Veronica MALCOCI, GRAWE CARAT: Amendments of the Contravention Code would allow insurance companies to contest the guilty parties
 The evolution of the insurance market, on one hand, and of the company she manages, on the other hand, in the year that has just ended, as well as legislative, technical and procedural measures that should be implemented in order to give an impetus to the profile market were the main topics addressed, in an exclusive interview for www.xprimm.md, by Veronica MALCOCI, Manager of Non-Life and Life Insurance, GRAWE CARAT Asigurari.
xprimm.md: How would you assess the overall market evolution in 2010 and, in particular, that of the company GRAWE CARAT, compared with 2009?
Veronica MALCOCI: With all the difficulties of this year, in which there has been talked about the consequences of the economic crisis, about the still insufficient maturity of the insurance market of Moldova, the evolution of the market was, clearly, an ascending one.
The steps are small, but it is important that this trend exists, that we are not talking about market stagnation. According to NCFM's estimates, although the insurance density (EUR 16/capita) is lower than the European average, foreign investments are already making their presence felt in this segment and the entry of new players will further boost the natural development of the local market.
The current economic environment is a challenge for all players in the market, as they are making further efforts to mitigate the negative financial effects.
These efforts have had effects in the first quarter of 2010. Erhard BUSEK, President of Vienna Economic Forum, said that in Moldova changes for the good took place and they are a good argument for investors, the business volume following an increasing trend.
Compared with 2009, last year was a more difficult one for our company, but the results are satisfactory and prove us that we can be optimistic about 2011.
These steps led CARAT GRAWE to register a growth of underwritings (in EUR) of 15.3% after the first nine months of this year, which led to an increase in market share up to 11%.
xprimm.md: What are the most important achievements of the company in 2010 and what are the main challenges that you have faced during the year?
V.M.: We reconfirm annually that fulfilling our customers' requirements is the main goal that we pursue. With personalized insurance offers and modern products, we are able to cover their individual needs. Also, in order to facilitate customers access to the company's products, in 2010 we have continued to expand the national network of offices.
The specifics of the insurance market in Moldova creates specific challenges for each insurance company, and our results show that we can overcome them with perseverance and professionalism.
xprimm.md: What goals you have set for 2011 and what are the most important projects for this year?
V.M.: The 2011 objectives of GRAWE CARAT Asigurari are: coherent and sustainable development in all business lines, with the stated goal to maintain the same balanced structure of the range of products, and sure and steady growth of premium income. Also, we want to increase our customer portfolio, by achieving the objective of national coverage.
xprimm.md: Do you think that new legislative, technical, procedural measures should be taken, in order to give an impetus to the profile market?
V.M.: The phenomenon of fraud is also present on the Moldavian insurance market. Amendments of the Contravention Code would allow insurance companies to contest the guilty parties, which would represent a needed and expected change on this segment.
The changes related to the elimination of gaps and adopting new regulations to Laws 414 and 407 would also be equally welcome.
Technical measures also have an important role, being about implementing an unique database that contains information on motor insurance and on claims caused by them, as well as applying the bonus-malus system.
Author: Vlad BOLDIJAR
on 20.01.2011
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