According to the National Bureau of Statistics, the insurance sector of Moldova grew by 10.75% to MDL 3,251.61 million (EUR 168.38 million) at the end of 2024. At the same time, paid claims grew by 25.3% and reached MDL 1,283.32 million (EUR 66.46 million).

97% of total GWP is generated in non-life insurance, while the share of life insurance continued to decline and now is only a little above 3%. Motor insurance, as always, remains the leading segment in the market portfolio (70.97%). All insurance classes recorded a positive dynamic in 2024.

As for the paid claims’ dynamics by insurance classes, it is worth noting their decrease by 3.4% in life insurance while all non-life insurance lines recorded a rather significant growth of the claim expenses. Property insurance recorded a more than double value of the paid claims, most probably because of the repeated flooding episodes.

As the Bureau notes in its report, in 2024, insurers' revenues and expenses increased by 15.3% and 18.7% respectively y-o-y. Profit before tax decreased by 19.6% compared to the previous year

Access xprimm.com and download the latest Moldovan insurance market statistics in MDL and EUR.

Insurance companies' paid claims for the first 9 months of 2024 for 95.8% were non-life (MDL 862.4 million/EUR 44.33 million), while the remaining 4.2% were life insurance indemnities, bizlaw.md writes based on data from the National Bank of Moldova (NBM).

According to data provided by the National Bank of Moldova, as of September 30, 2024, the number of active insurance policies in Moldova amounted to 1.31 million units, which is 1.8% more than at the end of the previous quarter.

As of January 15, 2025, the cost of MTPL and Green Card will be liberalized on the Moldovan insurance market.

According to the National Bureau of Statistics, the insurance sector of Moldova grew by 10.90% to MDL 2,421.91 million (EUR 124.52 million) at the end of 3Q2024. At the same time, paid claims grew by 26.02% and reached MDL 901.87 million (EUR 46.37 million).

The Moldovan government has approved amendments to the law on insurance and reinsurance activities, according to which insurance companies will be able to simultaneously hold licenses for life insurance and general insurance, bizlaw.md writes.

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.

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).

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.

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.

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.

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.

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.

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%.

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.

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.

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.

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.

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.

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%.