STATISTICS: MOLDOVA, FY2023: the market approached MDL 3 billion

27 March 2024 — Marina MAGNAVAL
STATISTICS:  MOLDOVA, FY2023: the market approached MDL 3 billion

The insurance sector of Moldova ended 2023 with double-digit growth (+18.80%), total GWP reached MDL 2.93 billion (EUR 151.67 million), according to data published by the National Bureau of Statistics of the Republic of Moldova. At the same time, market growth in euros was more impressive – almost 26%.

The market is supported by motor insurance, which now accounts for over 71% of the total portfolio. The growth of this segment at the end of the year was 29%. Life insurance is stagnating, premiums remain virtually unchanged. On the other hand, among the main insurance classes, a decrease was observed in property insurance by 1%.

Paid claims of local insurers increased by 6.81% to MDL 1.02 billion (EUR 52.91 million). Like in premiums, the largest rise in paid claims was observed in motor insurance (by almost 21%), while in property insurance paid claims dropped by 9.32%.

In 2023, income and expenses of insurers increased compared to 2022 by 20.7% and 14.4%, respectively. Profits before tax increased by 2.8 times compared to the previous year, as the National Bureau of Statistics noted in its report.

Access and download the latest Moldovan insurance market statistics for FY2023 in MDL and EUR.