29.8% increase in insurance sector in the third quarter

 

     Insurers in Moldova obtained, within the first nine months of 2008, gross premiums in the amount of 39.9 million euros (calculated at the official exchange rate by NBM), which is by 29.8% higher than within the same period of the previous year. At the same time, they have paid damages in the amount of 11.9 million euros, which is by 28.7% more than in 2007. Gross profit of insurance companies made up 7.4 million euros, that is, by 79.1% higher, according to data provided by the National Commission of Financial Market. Within the accounting period mandatory insurance sector has generated gross premiums amounting to 9.2 million euros or 23% of the market, while voluntary insurances brought 30.8 million euros in premiums, which is by 35.7% more than in 2007. Concurrently, life insurance segment still holds a modest market share of 5.1%, although it has grown by 43.6% as compared to 2007, reaching 2 million euros. Insurances of financial, agricultural risks and civil liability are in similar situations, with extremely low market shares of 1%, 2.7% (1.1% in 2007) and 0.1%. The number of insurers remained at the same level of 33, while concentration is higher with the first ten companies accumulating 87.2% of all underwritings.

    MOLDASIG and ASITO are still the most important players with a market share of 29.6% and 22.7%, correspondingly. Among top 5 insurers are CARAT with a share of 7.8%, MOLDCARGO with 6.6% and DONARIS-GROUP with 5.6%. Total assets of insurance companies have reached 81.4 million euros, while net assets went up to 38.6 million euros. At the same time, reserves increased by 24.8% to reach 30.3 million euros.

 

Top 10 Companies – Gross Premiums Underwritten (thousand euros)

 

 

 

 

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