STATISTICS: MOLDOVA, 1H2020: Property insurance and life insurance paid claims recorded significant growth y-o-y

27 August 2020 — Marina MAGNAVAL
According to the results of 1H2020, the Moldovan insurance market decreased by 18.53%, to MDL 626.88 million (~EUR 32.24 million*), mainly due to the decline of the non-life sector, while life insurance, on the contrary, recorded GWP increase by 9.8%, as the data published by the National Commission of Financial Market show.

Besides life insurance, almost all insurance segments recorded a drop in volumes y-o-y. Motor insurance GWP, which accounted for about 65% of the market portfolio, declined by about 23% overall. Although MTPL ended the first half of the year positively, this growth did not offset losses in Motor Hull.

Market paid claims decreased to MDL 279.08 million (-19.58%). Many non-life classes recorded annual decline of paid claims; however, property insurance had a significant increase. It is also worth noting rapid growth of paid claims in life insurance, which exceeded 147% y-o-y.

Market leader GRAWE CARAT ASIGURARI extended its share to almost 20% and continues to keep the first place in the overall ranking among 13 insurance companies on the market. At the same time, GRAWE CARAT ASIGURARI is also the absolute leader on the life insurance market of Moldova. GENERAL ASIGURARI SA leads the non-life ranking, the insurer's share in the non-life sector increased by more than 7% y-o-y.

* for the following exchange rate:
1 EUR = 19.4440 Lei - MDL (June 30th, 2020)

Access and download the latest Moldovan insurance market statistics.

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