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Moldova 1H2024 Portfolio
Moldova 1Q2024
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MOLDOVA: Green Card policies to be issued in digital format
The government has approved a draft decision that will allow digitalization of issuing Green Card policies. According to the Ministry of Finance, from November 1, 2024, the primary form of the document in paper format will be canceled and the possibility of its issuance in electronic form will be ensured, bizlaw.md writes.
26 September 2024STATISTICS: MOLDOVA, 1H2024: motor insurance occupies almost 70% of the market
According to the National Bureau of Statistics, the insurance sector of Moldova grew by 11.06% to MDL 1,553.12 million (EUR 80.93 million) in the first half of 2024. At the same time, paid claims increased by 10.61% and amounted to MDL 532.99 million (EUR 27.77 million).
29 August 2024MOLDOVA: in 1Q2024, liquid assets accounted for 59% of total assets of insurance companies
At the end of the first quarter of 2024, total assets of insurance companies in Moldova exceeded MDL 5 billion (~EUR 0.25 billion), which is MDL 58.3 million, or 1.2% more compared to the end of the previous year, bizlaw.md wrote.
15 August 2024STATISTICS: MOLDOVA, 1Q2024: motor insurance generates almost 75% of all market premiums
According to the National Bureau of Statistics, the insurance sector of Moldova in 1Q2024 rose by only 0.7%, amounting to MDL 669.08 million, while paid claims increased by 9.2%, to MDL 266.70 million (EUR 14.02 million). At the same time, due to more favorable exchange rates, GWP growth was more noticeable in euros – by 6%, to EUR 35.16 million.
30 May 2024MOLDOVA: The National Bank of Moldova became a member of the International Association of Insurance Supervisors
The National Bank of Moldova (NBM) has become a member of the International Association of Insurance Supervisors (IAIS), which includes the International Monetary Fund, the World Bank, the European Commission, the Organization for Economic Cooperation and Development, as well as insurance supervisory authorities, bizlaw.md writes.
21 May 2024MOLDOVA: insurance sector assets grow by 17.5% in 2023
The total assets of insurance companies in Moldova at the end of 2023 amounted to MDL 4.97 billion (~EUR 0.25 billion), which is MDL 740.8 million, or 17.5% more y-o-y, bizlaw.md reports.
7 May 2024MOLDOVA: Transtest may acquire 80% of Moldasig
The Competition Council in Moldova declared the economic concentration operation between Transtest and Moldasig compatible with the competitive environment. Thus, the company that owns the Banzai brand can acquire 80% of Moldasig, one of the insurance market leaders, bizlaw.md reports.
2 April 2024STATISTICS: 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%.
27 March 2024MOLDOVA: About 15% of MTPL claims, submitted based on settlement agreement, are incorrect
Last year, about 15% of MTPL claims based on settlement agreements were filed incorrectly. It is noted that during the first 8 months of 2023, 5,302 such applications were submitted, bizlaw.md writes.
19 March 2024MOLDOVA: Almost 40% of road accidents are settled through a settlement agreement
Almost 40% of approximately 12,000 traffic accidents related to mandatory motor liability insurance that occurred on the territory of the Republic of Moldova in eight months of 2023 were settled through a settlement agreement, bizlaw.md writes.
7 February 2024MOLDOVA: The subsidy rate on agroinsurance contracts is set at 70%
The subsidy rate on agroinsurance contracts concluded in 2024 is set at 70% of the insurance premium cost based on the order of the Ministry of Agriculture and Food Industry dated January 17, 2024, according to the fiscal monitoring website.
31 January 2024MOLDOVA: at the end of 3Q2023, liquid assets exceeded 57% of all assets of the insurance sector
According to the National Bank of Moldova, at the end of the 3Q2023, total assets of insurance companies amounted to MDL 4.78 billion (~EUR 0.25 billion), which is 3.7% (MDL 170.5 million) more compared to the previous quarter, bizlaw.md writes.
16 January 2024MOLDOVA_The business community asks the regulator to review insurers' taxes and payments to the budget of the National Commission
Representatives of the business community of Moldova are asking the regulator to review the amount of taxes and payments for 2024 that insurance companies are to pay to the budget of the National Commission for the Financial Market, bizlaw.md writes.
18 December 2023STATISTICS: MOLDOVA, 3Q2023: motor insurance occupies about 71% of the market
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%.
27 November 2023MOLDOVA: insurance sector’s assets are growing
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), bizlaw.md writes.
30 October 2023MOLDOVA: insurance conditions in agriculture in 2023 have deteriorated sharply
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.
19 October 2023Moldasig strengthens its leadership position in the insurance market of Moldova and is actively seeking investors.
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.
12 October 2023STATISTICS: MOLDOVA, 1H2023: over 67% of all market premiums generated by motor insurance
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.
18 September 2023MOLDOVA: in 1H total profit of the insurance sector grows by more than 44%
The National Bureau of Statistics of Moldovaа reported that from January to June 2023, total income and expenses of insurers increased by 27.4% and 25.9% y-o-y, respectively.
31 August 2023MOLDOVA: the number of farmers with insurance is increasing
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.
7 August 2023
