2014-03-28 22:48:03 - The Insurance Industry in Moldova, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The Moldovan insurance industry is among the smallest in Europe, with gross written premiums amounting to MDL953.2 million (US$78.7 million) in 2012. The country´s insurance penetration rate stood at 1.2%, comparatively low compared to the 2012 European average of 7.6%.
The insurance industry is dominated by the non-life segment, which accounted for 87.6% of the gross insurance premium in 2012. There were 19 companies operating in the industry at end of 2012, with three insurers operating in both the life and non-life segments. The insurance industry is expected to grow at a CAGR of 6.9% over the forecast period (2012â2017).
Moldova´s economy is highly dependent on agriculture, which makes the country vulnerable to adverse weather conditions. After registering a strong growth for
two years (in 2010 and 2011), GDP registered an abrupt slowdown in 2012 due to severe drought in the country.
The regulatory reform to separate composite insurers into life and non-life segments by 2012, is expected to led to consolidation in the industry. The brokers´ distribution channel is increasingly gaining prominence in the Moldovan insurance industry.
The Moldovan parliament passed a resolution in April 2012 to increase the amount of benefits paid on insured cars in the event of damage. The decision is expected to act in the favor of customers and will drive demand for motor insurance products.
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