At the end of 3Q2023, the insurance sector in Moldova grew by almost 20%, reaching MDL 2.18 billion (EUR 114.13 million), according to data published by the National Bureau of Statistics of the Republic of Moldova. At the same time, market growth in euros differs slightly – 19.07%.
According to insurance specialists, in 2023 the number and amounts of subsidized insurance contracts for agricultural risks in Moldova have not changed significantly compared to last year. This is considered a good result, since the framework conditions for the agroinsurance process have deteriorated sharply in 2023, east-fruit.com wrote.
MOLDASIG, Moldova's insurance market leader, concluded the first half of 2023 with a net profit of MDL 15.98 million, marking an increase of approximately 19% compared to the first half of 2022. The operational result recorded during this period was MDL 7.06 million.
In the first half of 2023, the Moldovan insurance sector grew by 18.29%, reaching MDL 1.39 billion (EUR 70.03 million), according to data published by the National Bureau of Statistics of the Republic of Moldova.
The number of farmers insuring their land is growing in Moldova. The amount of compensation for farmers is 70% of the sum insured, while for cattle breeders the amount is even higher, said Minister of Agriculture and Food Industry Vladimir Bolea, noi.md wrote.
The insurance market of Moldova ended 1Q2023 with a 44.10% annual GWP increase, reaching MDL 664.24 million (EUR 33.17 million), according to data published by the National Financial Market Commission. Paid claims of the local insurers increased by 26.90% to MDL 234.77 million (EUR 11.72 million).
Starting July 1st, 2023, the NBM - The National Bank of Moldova will take over from NCFM - The National Commission of Financial market the control of non-banking financial markets, including the insurance segment, local media wrote.
A new mandate for Dinu GHERASIM as President of the Board of Directors and General Manager at DONARIS VIG, the local subsidiary of the Vienna Insurance Group, was approved by the National Financial Market Commission (CNPF) of Republic of Moldova, on June 6.
Motor insurers operating in the Republic of Moldova reported an increase of 24.3% in the MTPL insurance GWP , while for the Green Card segment premiums went up by 52.7% y-o-y, according to data provided by CNPF - the market authority.
The Board of Directors of the National Commission of the Financial Market (CNPF) during the extraordinary meeting of March 9, 2023, approved the decision regarding withdrawal of the license of the insurance company GARANTIE SA (non-life) and submission to the insolvency court of the introductory request regarding filing of the insolvency procedure, moldstreet.com wrote.
The insurance market of Moldova ended 2022 with an increase of 28.28%, reaching MDL 2.47 billion (EUR 121.26 million), according to data published by the National Financial Market Commission. Paid claims amounted to MDL 905.68 million (EUR 44.44 million), which is 36.78% more y-o-y.
Moldovan insurance companies have suspended the process of concluding agroinsurance contracts with farmers due to the fact that they did not receive full subsidies under last year's contracts, east-fruit.com wrote.
The insurance market of Moldova at the end of 3Q2022 grew by 26.56% to MDL 1.82 billion (EUR 95.84 million), according to data published by the National Financial Market Commission. Paid claims reached MDL 585.80 million (EUR 30.84 million), which is 25.41% more than in the same period of 2021.
In Moldova, the number of premiums collected by insurance companies under agricultural risk insurance contracts in the first half of 2022 increased by more than 40% compared to the same period last year, east-fruit.com wrote.
In Moldova, the cost of MTPL policies has increased. The decision was taken by the National Commission for Financial Markets (CNPF) on August 9 and entered into force on September 2, from the moment of publication in Monitorul Oficial.
The insurance market in Moldova in 1H2022 rose by 34.62% to MDL 1.182 billion (EUR 58.77 million), according to data published by the National Financial Market Commission. Paid claims reached MDL 391.28 million (EUR 19.45 million), which is 27.57% up compared to the same period of 2021.