MOLDOVA: insurance sector’s assets are growing

30 October 2023 — Marina MAGNAVAL
The total assets of Moldovan insurance companies in 1H2023 increased to MDL 4.6 billion (EUR 0.23 billion). The growth rate was 8.9% (or by MDL 377.2 million), writes.

According to the data of the National Bank of Moldova, as of June 30, 2023, the value of eligible assets to cover technical reserves and the minimum capital requirement amounted to MDL 3.73 billion (+9.6% y-o-y), representing 80.96% of total assets for market.

As of June 30, 2023, there were 9 insurance companies operating in the Republic of Moldova (including 8 general insurance companies and 1 company with complex activities (general insurance and life insurance), 50 insurance/reinsurance brokers, 46 insurance agents and 34 bancassurance agents.

In the first half of the year, insurance market GWP reached MDL 1.39 billion, which is MDL 216.4 million or 18.3% more than in 1H2022.

According to the National Bank of Moldova, in 1H2023 the insurance market was non-life oriented, as non-life accounted for 96.7% of the total (MDL 1.35 billion), while life insurance amounted to MDL 45.8 million (3.3% of the market).

Of the total amount of non-life GWP, the largest share was generated by MTPL, land vehicle insurance, except railway (including Motor Hull) and insurance against fire and other natural disasters, which accumulate 77% of the market.

Thus, the market remains highly dependent on compulsory insurance, which amounts to 48.9% of the total volume (domestic MTPL – 33.6% and Green Card – 15.3%), the source notes.

* 1 EUR = 19.9690 MDL (June 30th, 2023)