The Insurance Industry in Moldova, Key Trends and Opportunities to 2022
September 2018
126
About the Report
About the Report
The Insurance Industry in Moldova, Key Trends and Opportunities to 2022
Summary
GlobalData's 'The Insurance Industry in Moldova, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Moldovan insurance industry.
It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Moldovan economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Inside this report, we look at the top themes, its predictions and identify winners and losers.
The report provides in-depth market analysis, information and insights into the Moldovan insurance industry, including -
- The Moldovan insurance industry's growth prospects by segment and category
- A comprehensive overview of the Moldovan economy and demographics
- Details of the competitive landscape in the Moldovan insurance industry
- The various distribution channels in the Moldovan insurance industry
- Details of regulatory policy applicable to the Moldovan insurance industry
- Analysis of natural hazards in the Moldovan insurance industry
Key Highlights
- As a part of the digitalization project, on June 29, 2018 the Government of Moldova replaced paper-based health insurance policies with digital policies.
- Effective from April 2016, a new rule pertaining to the financial recovery of insurance and reinsurance companies was introduced by the NCFM in Moldova.
- As of 2016, 70 insurance and reinsurance brokers were operating in the Moldovan insurance industry.
- In 2015, the NCFM along with the European Union launched the Twinning Project to supervise and regulate the insurance industry.
Scope
- This report provides a comprehensive analysis of the insurance industry in Moldova.
- It provides historical values for the Moldovan insurance industry for the report's 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Moldovan insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Moldova.
- It profiles the top insurance companies in Moldova, and outlines the key regulations affecting them.
Reasons to buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Moldovan insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Moldovan insurance industry.
- Assess the competitive dynamics in the Moldovan insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Moldovan insurance industry and their impact on companies and the industry's future.
Products
Products
Moldovan insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance
Companies
Moldasig SA
Donaris Vienna Insurance Group SA
Grawe Carat Asigur?ri SA
Asterra Grup SA
General Asigurari SA
Klassika Asigur?ri SA
Galas SA
Acord-Grup SA
MoldCargo SA
Transelit SA
Table of Contents
Table of Contents
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 12
4 INDUSTRY OUTLOOK 19
4.1 Industry Indicators 22
4.1.1 Gross written premium 22
4.1.2 Direct written premium 23
4.1.3 Insurance density 24
4.1.4 Active policies 25
5 LIFE INSURANCE OUTLOOK 26
5.1 Segment Indicators 26
5.1.1 Gross written premium 26
5.1.2 Direct written premium 27
5.1.3 Active policies 28
5.1.4 Penetration 29
5.1.5 Sum assured 30
5.2 Pension Insurance 31
5.2.1 Gross written premium 31
5.2.2 Active policies 32
5.2.3 Penetration 33
6 GENERAL INSURANCE OUTLOOK 34
6.1 Segment Indicators 34
6.1.1 Gross written premium 34
6.1.2 Direct written premium 35
6.1.3 Active policies 36
6.1.4 Penetration 37
6.1.5 Loss ratio 38
6.2 Property Insurance 39
6.2.1 Gross written premium 39
6.2.2 Active policies 40
6.2.3 Penetration 41
6.3 Motor Insurance 42
6.3.1 Gross written premium 42
6.3.2 Active policies 43
6.3.3 Penetration 44
6.4 Liability Insurance 45
6.4.1 Gross written premium 45
6.4.2 Active policies 46
6.4.3 Penetration 47
6.5 Financial Lines Insurance 48
6.5.1 Gross written premium 48
6.5.2 Active policies 49
6.5.3 Penetration 50
6.6 Marine, Aviation and Transit Insurance 51
6.6.1 Gross written premium 51
6.6.2 Active policies 52
6.6.3 Penetration 53
6.7 Personal Accident and Health Insurance 54
6.7.1 Gross written premium 54
6.7.2 Active policies 55
6.7.3 Penetration 56
7 REINSURANCE OUTLOOK 57
7.1 Premium Ceded 58
8 DISTRIBUTION CHANNEL OUTLOOK 61
9 NATURAL AND MAN-MADE HAZARDS 62
9.1 Flooding 62
9.2 Droughts 62
9.3 Earthquakes 62
9.4 Exposure 63
10 COMPETITIVE LANDSCAPE 64
10.1 Company Profiles 68
10.1.1 Moldasig SA-company overview 68
10.1.2 Donaris Vienna Insurance Group SA-company overview 68
10.1.3 Grawe Carat Asigur?ri SA-company overview 68
10.1.4 Asterra Grup SA-company overview 69
10.1.5 General Asigur?ri SA-company overview 69
11 GOVERNANCE, RISK AND COMPLIANCE 70
11.1 Legislation Overview and Historical Evolution 71
11.2 Latest Changes in Regulation 73
11.3 Legislation and Market Practice by Type of Insurance 74
11.3.1 Life insurance 76
11.3.2 Property insurance 77
11.3.3 Motor insurance 79
11.3.4 Liability insurance 81
11.3.5 Marine, aviation and transit insurance 82
11.3.6 Personal accident and health insurance 83
11.4 Compulsory Insurance 84
11.4.1 Motor-third party liability insurance 84
11.4.2 Health insurance 87
11.4.3 Liability for ships with respect to oil pollution 88
11.4.4 Professional indemnity insurance for insurance intermediaries 88
11.5 Supervision and Control 89
11.5.1 International Association of Insurance Supervisors 89
11.5.2 National Commission on Financial Markets 90
11.6 Non-Admitted Insurance Regulation 91
11.6.1 Overview 91
11.6.2 Intermediaries 92
11.6.3 Market practices 92
11.6.4 Fines and Penalties 92
11.7 Company Registration and Operations 93
11.7.1 Type of insurance organization 94
11.7.2 Establishing a local company 94
11.7.3 Foreign ownership 95
11.7.4 Types of license 96
11.7.5 Capital requirements 97
11.7.6 Solvency margins 97
11.7.7 Reserve requirements 99
11.7.8 Investment regulations 99
11.7.9 Statutory return requirements 100
11.7.10 Fee structure 100
11.8 Taxation 101
11.8.1 Insurance premium or policy taxation 101
11.8.2 Withholding taxes on premium paid overseas 101
11.8.3 Corporate tax 101
11.8.4 VAT 102
11.8.5 Captives 102
11.9 Legal System 103
11.9.1 Introduction 103
11.9.2 Access to court 104
11.9.3 Alternative dispute resolution 104
12 DATABOOK 106
12.1 Life Insurance 106
12.1.1 Policies and premium 106
12.1.2 Claims and expenses 107
12.2 General Insurance 108
12.2.1 Policies and premium 108
12.2.2 Claims and expenses 108
12.2.3 Property insurance 109
12.2.4 Property insurance by category 110
12.2.5 Motor insurance 112
12.2.6 Motor insurance by category 113
12.2.7 Liability insurance 114
12.2.8 Financial lines insurance 115
12.2.9 Marine, aviation and transit insurance 116
12.2.10 Marine, aviation and transit insurance by category 117
12.2.11 Personal accident and health insurance 118
12.2.12 Personal accident and health insurance by category 119
13 DEFINITIONS AND METHODOLOGY 120
13.1 Definitions 120
13.2 Methodology 122
14 ABOUT GLOBALDATA 124
14.1 Contact GlobalData 124
14.2 About GlobalData 124
14.3 GlobalData's Services 125
14.4 Disclaimer 126
List of Figure
List of Figures
Figure 1: Moldovan Real GDP (MDL Billion), 2013-2022 12
Figure 2: Moldovan Exchange Rate (MDL per USD ), 2013-2022 13
Figure 3: Moldovan Inflation, Consumer Prices (%), 2013-2022 14
Figure 4: Moldovan Current Account Balance as Percentage of GDP (%), 2013-2022 15
Figure 5: Moldovan Unemployment Rate, 2013-2022 16
Figure 6: Moldovan Population by Age Group, 2013-2022 17
Figure 7: Moldovan Insurance Industry-Gross Written Premium (MDL Billion), 2013-2022 21
Figure 8: Moldovan Insurance Industry-Direct Written Premium (MDL Billion), 2013-2022 22
Figure 9: Moldovan Insurance Industry-Density (MDL), 2013-2022 23
Figure 10: Moldovan Insurance Industry-Number of Active Policies (Thousand), 2013-2022 24
Figure 11: Moldovan Life Insurance-Gross Written Premium (MDL Million), 2013-2022 25
Figure 12: Moldovan Life Insurance-Direct Written Premium (MDL Million), 2013-2022 26
Figure 13: Moldovan Life Insurance-Number of Active Policies (Thousand), 2013-2022 27
Figure 14: Moldovan Life Insurance-Penetration (%), 2013-2017 28
Figure 15: Moldovan Life Insurance-Penetration (%), 2017-2022 28
Figure 16: Moldovan Life Insurance-Sum Assured (MDL Billion), 2013-2022 29
Figure 17: Moldovan Pension-Gross Written Premium (MDL Thousand), 2013-2022 30
Figure 18: Moldovan Pension-Number of Active Policies (Thousand), 2013-2022 31
Figure 19: Moldovan Pension-Penetration (%), 2013-2017 32
Figure 20: Moldovan Pension-Penetration (%), 2017-2022 32
Figure 21: Moldovan General Insurance-Gross Written Premium (MDL Billion), 2013-2022 33
Figure 22: Moldovan General Insurance-Direct Written Premium (MDL Billion), 2013-2022 34
Figure 23: Moldovan General Insurance-Number of Active Policies (Thousand), 2013-2022 35
Figure 24: Moldovan General Insurance-Penetration (%), 2013-2017 36
Figure 25: Moldovan General Insurance-Penetration (%), 2017-2022 36
Figure 26: Moldovan General Insurance-Loss Ratio (%), 2013-2017 37
Figure 27: Moldovan General Insurance-Loss Ratio (%), 2017-2022 37
Figure 28: Moldovan Property Insurance-Gross Written Premium (MDL Million), 2013-2022 38
Figure 29: Moldovan Property Insurance-Number of Active Policies (Thousand), 2013-2022 39
Figure 30: Moldovan Property Insurance-Penetration (%), 2013-2017 40
Figure 31: Moldovan Property Insurance-Penetration (%), 2017-2022 40
Figure 32: Moldovan Motor Insurance-Gross Written Premium (MDL Million), 2013-2022 41
Figure 33: Moldovan Motor Insurance-Number of Active Policies (Thousand), 2013-2022 42
Figure 34: Moldovan Motor Insurance-Penetration (%), 2013-2017 43
Figure 35: Moldovan Motor Insurance-Penetration (%), 2017-2022 43
Figure 36: Moldovan Liability Insurance-Gross Written Premium (MDL Million), 2013-2022 44
Figure 37: Moldovan Liability Insurance-Number of Active Policies (Thousand), 2013-2022 45
Figure 38: Moldovan Liability Insurance-Penetration (%), 2013-2017 46
Figure 39: Moldovan Liability Insurance-Penetration (%), 2017-2022 46
Figure 40: Moldovan Financial Lines Insurance-Gross Written Premium (MDL Million), 2013-2022 47
Figure 41: Moldovan Financial Lines Insurance-Number of Active Policies (Thousand), 2013-2022 48
Figure 42: Moldovan Financial Lines Insurance-Penetration (%), 2013-2017 49
Figure 43: Moldovan Financial Lines Insurance-Penetration (%), 2017-2022 49
Figure 44: Moldovan Marine, Aviation and Transit Insurance-Gross Written Premium (MDL Million), 2013-2022 50
Figure 45: Moldovan Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2013-2022 51
Figure 46: Moldovan Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017 52
Figure 47: Moldovan Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022 52
Figure 48: Moldovan Personal Accident and Health Insurance-Gross Written Premium (MDL Million), 2013-2022 53
Figure 49: Moldovan Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2022 54
Figure 50: Moldovan Personal Accident and Health Insurance-Penetration (%), 2013-2017 55
Figure 51: Moldovan Personal Accident and Health Insurance-Penetration (%), 2017-2022 55
Figure 52: Moldovan Reinsurance-Premium Ceded by Insurance Segment (MDL Million), 2013-2022 58
Figure 53: Moldovan Life Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 59
Figure 54: Moldovan General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022 59
Figure 55: Moldovan Insurance Industry-Market Share of Leading Insurers (%), 2017 64
Figure 56: Moldovan Life Insurance Segment-Market Share of Leading Insurers (%), 2017 65
Figure 57: Moldovan General Insurance Segment-Market Share of Leading Insurers (%), 2017 66
Figure 58: Moldova-Insurance Supervision and Control at Various Levels 88
Figure 59: Moldova-Insurance Regulatory Framework for Company Registration and Operation 92
List of Table
List of Tables
Table 1: Moldovan Insurance Industry-Key Facts, 2017 2
Table 2: Moldovan Insurance Industry-Industry Shares of the Top Insurers, 2017 2
Table 3: Moldovan Insurance Industry-Gross Written Premium (MDL Billion and USD Million), 2013-2017 22
Table 4: Moldovan Insurance Industry-Gross Written Premium (MDL Billion and USD Million), 2017-2022 22
Table 5: Moldovan Insurance Industry-Direct Written Premium (MDL Billion and USD Million), 2013-2017 23
Table 6: Moldovan Insurance Industry-Direct Written Premium (MDL Billion and USD Million), 2017-2022 23
Table 7: Moldovan Insurance Industry-Density (MDL), 2013-2017 24
Table 8: Moldovan Insurance Industry-Density (MDL), 2017-2022 24
Table 9: Moldovan Insurance Industry-Number of Active Policies (Thousand), 2013-2017 25
Table 10: Moldovan Insurance Industry-Number of Active Policies (Thousand), 2017-2022 25
Table 11: Moldovan Life Insurance-Gross Written Premium (MDL Million and USD Million), 2013-2017 26
Table 12: Moldovan Life Insurance-Gross Written Premium (MDL Million and USD Million), 2017-2022 26
Table 13: Moldovan Life Insurance-Direct Written Premium (MDL Million and USD Million), 2013-2017 27
Table 14: Moldovan Life Insurance-Direct Written Premium (MDL Million and USD Million), 2017-2022 27
Table 15: Moldovan Life Insurance-Number of Active Policies (Thousand), 2013-2017 28
Table 16: Moldovan Life Insurance-Number of Active Policies (Thousand), 2017-2022 28
Table 17: Moldovan Life Insurance-Sum Assured (MDL Billion and USD Million), 2013-2017 30
Table 18: Moldovan Life Insurance-Sum Assured (MDL Billion and USD Million), 2017-2022 30
Table 19: Moldovan Pension-Gross Written Premium (MDL Thousand and USD Thousand), 2013-2017 31
Table 20: Moldovan Pension-Gross Written Premium (MDL Thousand and USD Thousand), 2017-2022 31
Table 21: Moldovan Pension-Number of Active Policies (Thousand), 2013-2017 32
Table 22: Moldovan Pension-Number of Active Policies (Thousand), 2017-2022 32
Table 23: Moldovan General Insurance-Gross Written Premium (MDL Billion and USD Million), 2013-2017 34
Table 24: Moldovan General Insurance-Gross Written Premium (MDL Billion and USD Million), 2017-2022 34
Table 25: Moldovan General Insurance-Direct Written Premium (MDL Billion and USD Million), 2013-2017 35
Table 26: Moldovan General Insurance-Direct Written Premium (MDL Billion and USD Million), 2017-2022 35
Table 27: Moldovan General Insurance-Number of Active Policies (Thousand), 2013-2017 36
Table 28: Moldovan General Insurance-Number of Active Policies (Thousand), 2017-2022 36
Table 29: Moldovan Property Insurance-Gross Written Premium (MDL Million and USD Million), 2013-2017 39
Table 30: Moldovan Property Insurance-Gross Written Premium (MDL Million and USD Million), 2017-2022 39
Table 31: Moldovan Property Insurance-Number of Active Policies (Thousand), 2013-2017 40
Table 32: Moldovan Property Insurance-Number of Active Policies (Thousand), 2017-2022 40
Table 33: Moldovan Motor Insurance-Gross Written Premium (MDL Million and USD Million), 2013-2017 42
Table 34: Moldovan Motor Insurance-Gross Written Premium (MDL Million and USD Million), 2017-2022 42
Table 35: Moldovan Motor Insurance-Number of Active Policies (Thousand), 2013-2017 43
Table 36: Moldovan Motor Insurance-Number of Active Policies (Thousand), 2017-2022 43
Table 37: Moldovan Liability Insurance-Gross Written Premium (MDL Million and USD Million), 2013-2017 45
Table 38: Moldovan Liability Insurance-Gross Written Premium (MDL Million and USD Million), 2017-2022 45
Table 39: Moldovan Liability Insurance-Number of Active Policies (Thousand), 2013-2017 46
Table 40: Moldovan Liability Insurance-Number of Active Policies (Thousand), 2017-2022 46
Table 41: Moldovan Financial Lines Insurance-Gross Written Premium (MDL Million and USD Million), 2013-2017 48
Table 42: Moldovan Financial Lines Insurance-Gross Written Premium (MDL Million and USD Million), 2017-2022 48
Table 43: Moldovan Financial Lines Insurance-Number of Active Policies (Thousand), 2013-2017 49
Table 44: Moldovan Financial Lines Insurance-Number of Active Policies (Thousand), 2017-2022 49
Table 45: Moldovan Marine, Aviation and Transit Insurance-Gross Written Premium (MDL Million and USD Million), 2013-2017 51
Table 46: Moldovan Marine, Aviation and Transit Insurance-Gross Written Premium (MDL Million and USD Million), 2017-2022 51
Table 47: Moldovan Marine, Aviation and Transit Insurance-Number of Active Policies (Absolute), 2013-2017 52
Table 48: Moldovan Marine, Aviation and Transit Insurance-Number of Active Policies (Absolute), 2017-2022 52
Table 49: Moldovan Personal Accident and Health Insurance-Gross Written Premium (MDL Million and USD Million), 2013-2017 54
Table 50: Moldovan Personal Accident and Health Insurance-Gross Written Premium (MDL Million and USD Million), 2017-2022 54
Table 51: Moldovan Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2017 55
Table 52: Moldovan Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2017-2022 55
Table 53: Moldovan Reinsurance-Premium Ceded by Insurance Segment (MDL Million), 2013-2017 58
Table 54: Moldovan Reinsurance-Premium Ceded by Insurance Segment (MDL Million), 2017-2022 58
Table 55: Moldovan Insurance Industry-Market Share of Leading Insurers (%), 2017 65
Table 56: Moldovan Life Insurance Segment-Market Share of Leading Insurers (%), 2017 66
Table 57: Moldovan General Insurance Segment-Market Share of Leading Insurers (%), 2017 67
Table 58: Moldasig SA-Key Facts 68
Table 59: Donaris Vienna Insurance Group SA-Key Facts 68
Table 60: Grawe Carat Asigur?ri SA-Key Facts 69
Table 61: Asterra Grup SA-Key Facts 69
Table 62: General Asigur?ri SA-Key Facts 69
Table 63: Moldova-Insurance Regulatory Framework Key Features 70
Table 64: Moldova- Life Insurance Regulatory Framework 76
Table 65: Moldova-Property Insurance Regulatory Framework 77
Table 66: Moldova-Motor Insurance Regulatory Framework 79
Table 67: Moldova-Bonus-Malus System 80
Table 68: Moldova-Liability Insurance Regulatory Framework 81
Table 69: Moldova-Corporate Tax Rates for the Financial Year 2018 101
Table 70: Moldovan Life Insurance-Policies and Premium, 2013-2017 106
Table 71: Moldovan Life Insurance-Policies and Premium, 2017-2022 106
Table 72: Moldovan Life Insurance-Claims and Expenses, 2013-2017 107
Table 73: Moldovan Life Insurance-Claims and Expenses, 2017-2022 107
Table 74: Moldovan General Insurance-Policies and Premium, 2013-2017 108
Table 75: Moldovan General Insurance-Policies and Premium, 2017-2022 108
Table 76: Moldovan General Insurance-Claims and Expenses, 2013-2017 108
Table 77: Moldovan General Insurance-Claims and Expenses, 2017-2022 108
Table 78: Moldovan General Insurance-Property Insurance, 2013-2017 109
Table 79: Moldovan General Insurance-Property Insurance, 2017-2022 109
Table 80: Moldovan General Insurance-Property Insurance by Category, 2013-2017 110
Table 81: Moldovan General Insurance-Property Insurance by Category, 2017-2022 111
Table 82: Moldovan General Insurance-Motor Insurance, 2013-2017 112
Table 83: Moldovan General Insurance-Motor Insurance, 2017-2022 112
Table 84: Moldovan General Insurance-Motor Insurance by Category, 2013-2017 113
Table 85: Moldovan General Insurance-Motor Insurance by Category, 2017-2022 113
Table 86: Moldovan General Insurance-Liability Insurance, 2013-2017 114
Table 87: Moldovan General Insurance-Liability Insurance, 2017-2022 114
Table 88: Moldovan General Insurance-Financial Lines Insurance, 2013-2017 115
Table 89: Moldovan General Insurance-Financial Lines Insurance, 2017-2022 115
Table 90: Moldovan General Insurance-Marine, Aviation and Transit Insurance, 2013-2017 116
Table 91: Moldovan General Insurance-Marine, Aviation and Transit Insurance, 2017-2022 116
Table 92: Moldovan General Insurance-Marine Aviation and Transit Insurance by Category, 2013-2017 117
Table 93: Moldovan General Insurance-Marine Aviation and Transit Insurance by Category, 2017-2022 117
Table 94: Moldovan General Insurance-Personal Accident and Health Insurance, 2013-2017 118
Table 95: Moldovan General Insurance-Personal Accident and Health Insurance, 2017-2022 118
Table 96: Moldovan General Insurance-Personal Accident and Health Insurance by Category, 2013-2017 119
Table 97: Moldovan General Insurance-Personal Accident and Health Insurance by Category, 2017-2022 119
Table 98: Insurance Industry Definitions 120
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