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%.

Life insurance remained virtually unchanged at the end of 3Q (-0.77%). While non-life insurance jumped by almost 21% to MDL 2.11 billion. Motor insurance demonstrates the most impressive growth – over 31% y-o-y. At the end of 3Q2023, motor insurance accounted for about 71% of the total market.

Paid claims of local insurers amounted to MDL 715.65 million (EUR 37.40 million), which is almost 14% more y-o-y. It is noteworthy that, unlike premiums, life paid claims continued to grow in the third quarter (+12.41%).

In January-September 2023, income and expenses of the insurers increased by 24.8% and 22.0%, respectively, compared to the same period in 2022. Profit before tax rose by 57.1%, the National Bureau of Statistics said in its report.

Access xprimm.com and download the latest Moldovan insurance market statistics for 3Q2023 in MDL and EUR.