Ten companies control 88% of insurance market in Moldova

    Among top insurance companies MOLDASIG and ASITO still hold leading positions in the general insurance market, followed by CARAT, MOLDCARGO and DONARIS-GROUP. The first ten insurance companies in Moldova have obtained an average increase in gross premiums underwritten by over 40% in S1/2008 as compared to the same period of 2007. Their turnover amounted to 22.6 million euros, states the Moldovan Actuarial Association. It makes up 88% of the total volume of gross premiums underwritten within the accounting period, which is by five percentage points higher than in 2007. At the same time, the first five companies (i.e., 15% of the total 33 companies) hold about 72% (as against 66% within the first quarter of 2007) of all gross premiums underwritten and 62% of all market assets. Moreover, only two insurance companies (ASITO and MOLDASIG) have obtained about 51% of all premiums and 46% of all assets, correspondingly, which denotes an intensifying trend of market concentration.

    Besides, within the first six months 8 companies (CARAT, MOLDOVA-ASTROVAZ, VICTORIA-Asigurari, ASSTERRA Grup, GALAS, IPB DELTA Asigurari, SIGUR-ASIGUR and EUROASIG Grup) have reached a growth rate of over 50%. At the same time, business activity of 10 insurers went down, while 4 companies have not performed insurance operations, states the supervision authority (NCFM).

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