The Insurance Industry in Moldova, Key Trends and Opportunities to 2022


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.

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 Asigurări SA - company overview 68
      10.1.4 Asterra Grup SA - company overview 69
      10.1.5 General Asigurări 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







REPORT YOU MIGHT BE INTERESTED