Trends and structural changes in the motor insurance market in the Republic of Moldova (period 2013-2022)
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2024-03-05 15:46
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MELNIC, Igor, VEREJAN, Oleg. Trends and structural changes in the motor insurance market in the Republic of Moldova (period 2013-2022). In: Competitivitatea şi inovarea în economia cunoaşterii: Culegere de rezumate, Ed. Ediția 27, 22-23 septembrie 2023, Chişinău. Chişinău Republica Moldova: "Print-Caro" SRL, 2023, Ediţia a 27-a, Volumul 1, pp. 19-20. ISBN 978-9975-175-98-2.
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Competitivitatea şi inovarea în economia cunoaşterii
Ediţia a 27-a, Volumul 1, 2023
Conferința "Competitivitate şi inovare în economia cunoaşterii"
Ediția 27, Chişinău, Moldova, 22-23 septembrie 2023

Trends and structural changes in the motor insurance market in the Republic of Moldova (period 2013-2022)

JEL: G22, G52, M31

Pag. 19-20

Melnic Igor, Verejan Oleg
 
Academy of Economic Studies of Moldova
 
 
Disponibil în IBN: 14 februarie 2024


Rezumat

The transition to a market economy, a process in which the Republic of Moldova has registered irreversibly, has brought substantial changes in the conditions of carrying out the insurance activity. The criterion with which the car insurance market operates is that of competition and concordance with the development potential of the national economy. Although the insurance sector denotes a very low penetration rate from GDP compared to other jurisdictions, car insurance continues to have the predominant share of consumers insurance preferences. Thus, in this article, as a topic of research was the analysis of development trends in the last 10 years, including structural changes, of the car insurance market in the Republic of Moldova. The analysis of the main statistical benchmarks shows us that the insurance sector and the car insurance market are experiencing perpetual and slow upward trends. Thus, income from insurance premiums (reinsurance gross) on total non-life insurance ( life insurance exception ) has increased, in nominal terms, over the last 10 years, on an annual basis with 8.4% ( nominal terms ), and real terms ( deflated values ) a slow reduction of 0.06% is observed%. Car insurance premium income denotes a slow upward trend, almost similar to non-life insurance (nominal terms + 8.7% on average per year and, in real terms, 0.96% on average per year). The largest share of gross premiums written on this market is non-life insurance, which is on average around 94%; and the largest share of general insurance is car insurance (internal civil liability (mandatory), CASCO and Green Paper) with an average weight of approximately 68% out of a total of premiums written under non-life insurance, or 64% of the total premiums written on the insurance sector. In the research process, traditional research methods and techniques were used: analysis of scientific literature, analysis of statistical data, measurement techniques, etc. Methods of statistical and graphical analysis were used in data processing. The theoretical foundation of the research methodology is the fundamental works of local and foreign researchers in the field of insurance, general marketing and insurance marketing: Jean-Claude Harrari, K. W. Irons, Ph. Kotler, C. Florescu, Dan Anghel Constantinescu, L. Cystelican, A. Zubeţ, T. Dascan etc. The information base is the data and information published by the National Bureau of Statistics of the Republic of Moldova, the National Commission of the Financial Market, the National Bank of Moldova.

Cuvinte-cheie
Insurance, non-life insurance, car insurance, gross written premiums, absolute change of gross written premiums, nominal change rate, etc