STATISTICS: MOLDOVA, 1H2022: the market sees a 35% rise y-o-y in local currency
The insurance market in Moldova in 1H2022 rose by 34.62% to MDL 1.182 billion (EUR 58.77 million), according to data published by the National Financial Market Commission. Paid claims reached MDL 391.28 million (EUR 19.45 million), which is 27.57% up compared to the same period of 2021.
Both life and non-life segments saw an increase, yet non-life insurance, which occupies almost 96% of the market portfolio, jumped by more than 36%, while the share of the life segment even dropped despite a slight annual rise. The largest part of the total GWP belongs to motor insurance, in which Green Card policies demonstrated the highest growth most likely due to lifting of the pandemic restrictions.
On the paid claims side, it's worth noting that paid claims saw an increase in almost all key classes, however accidents insurance declined significantly (-70.55%), while property insurance saw the most impressive rise by 154.42% to MDL 22.27 million from MDL 8.75 million a year ago.
During the first six months of 2022, Moldovan insurers posted MDL 161.2 million pre-tax profit, up 57.5% compared to the first half of 2021. Revenues rose by 40.5% to MDL 1.776 billion, while expenses were 39% higher on the year at MDL 1.615 billion.
Out of 10 insurance companies active on the market, the leading position is occupied by MOLDASIG, which moved up from the second place in 1H2021 and the previous leader INTACT ASIGURARI GENERALE moved down to the 6th. ASTERRA GRUP moved from its 2nd place to 3rd, while GENERAL ASIGURARI ranked now 2nd.
Access xprimm.com and download the latest data of the Moldovan insurance market statistics for 1H2022 in MDL and EUR.
Author: Marina MAGNAVAL
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