ANALYSIS OF COMPETITION IN THE INSURANCE MARKET OF THE REPUBLIC OF MOLDOVA

Ensuring a healthy competitive environment in the national insurance market is a necessary condition for an effective functioning of the current economic system and the basis for sustainable economic growth. In a functioning market economy, compliance with competition rules are necessary to safeguard the consumer interest and increase the competitiveness of products and services. Simultaneously, the insurance market is one of the key elements of the current financial system in the country. In this paper there are analyzed the main features of the insurance market in terms of the number of insurance companies operating on the Moldovan market, the market share of each insurance company calculated based on the insurance services provided and calculated Herfindahl - Hirschman Index in order to determine the level of concentration in the relevant product market. The purpose of this paper is to analyze the level of competition in the insurance market in Moldova and to identify the main risks concerning the competitive environment. Also, the paper is focused on the analysis of compulsory insurance of motor liability, both internal and external in terms of competition.