STATISTICS: MOLDOVA, FY2021: insurers' business expanded by more than 31% y-o-y (in local currency)

22 March 2022 — Marina MAGNAVAL
The insurance sector of Moldova ended 2021 with an increase of 31.58% (in local currency) - total GWP reached MDL 1.92 billion (EUR 95.87 million). At the same time, paid claims increased by only 11% to MDL 662 million, according to the data published by the National Financial Market Commission.

It is worth noting that the market growth is still supported by non-life insurance - the sector's growth exceeded 35%, and its share in the market portfolio increased to almost 95%, while life insurance GWP decreased by 0.36%, occupying just over 5% of the total market volume.

Motor insurance remains the main segment, accounting for over 66% of the market. MTPL y-o-y growth was almost 27%, while Green Card growth rate exceeded 50%. Health insurance (+ almost 80%) and property insurance, which grew by about 73%, demonstrate the most rapid growth rates.

Of the main market segments, paid claims recorded y-o-y decline (by about 32%) in property insurance, while in life insurance, health insurance, motor insurance they increased significantly.

Out of 10 active insurers, ASTERRA GRUP (MDL 335 million) is the leader in the overall market ranking, followed by GRAWE CARAT ASIGURARI (MDL 306 million) and GENERAL ASIGURARI. In the top five, DONARIS VIG (+48.30%) saw the most impressive growth rates by the end of the year.

Access and download the latest Moldova insurance market statistics for 2021: GWP/paid claims portfolio and overall/life/non-life rankings.

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