MOLDOVA: according to preliminary data, in 2022 agricultural risk insurance premiums exceeded USD 4 million

9 January 2023 —
According to preliminary data from Moldovan insurance companies, in 2022 total GWP under agricultural risk insurance contracts exceeded MDL 80 million (over USD 4 million), reports.

About 20-25% of all premiums fell on fruit farming, where about 3-4 thousand hectares of perennial plantations were insured. According to insurance brokers, in fruit farming, the number of insurance contracts and insurance amounts "exceeded last year's figures by 40-50%".

An increase of insurance in the Moldovan fruit growing was influenced by the fears of fruit producers regarding high probability of spring frosts and summer drought in 2022. Both risks materialized. At the same time, insurers, in response to requests from regular farmers, offered them comprehensive packages, which included damage from drought, and miscalculated badly. Total payments for insured events to individual large farms amounted to tens of millions of lei (hundreds of thousands of dollars), the report said.

*EUR 1 = MDL 20.46 (01.01.2023)