The insurance market of Moldova ended 1Q2023 with a 44.10% annual GWP increase, reaching MDL 664.24 million (EUR 33.17 million), according to data published by the National Financial Market Commission. Paid claims of the local insurers increased by 26.90% to MDL 234.77 million (EUR 11.72 million).

The market remains non-life dominated - over 96% of the market portfolio. However, it is worth noting the lightning-fast growth of life insurance compared to the first quarter of 2022 - the segment grew by 742.71%! Life insurance reached MDL 25.52 million (vs MDL 3.03 million a year earlier). In non-life insurance, the key segment is motor insurance (almost 66% of all market GWP), which grew by 35% y-o-y.

Class-wise paid claims recorded growth almost everywhere, except for insurance against fire and allied perils (-75.65%).

At the end of the first quarter of 2023, there were 9 insurers operating on the market. The leader in terms of collected premiums was MOLDASIG (MDL 156.89 million), followed by ASTERRA GRUP (MDL 96.95 million), while GRAWE CARAT ASIGURARI ranked third. At the same time the market leader of 1Q2022, GENERAL ASIGURARI moved down to 5th place.

Access xprimm.com and download the latest statistics of the Moldovan insurance market for 1Q2023 in MDL and EUR.