STATISTICS: MOLDOVA, 1Q2021: the share of non-life insurance in the market portfolio exceeded 93%
In the first three months of 2021, the insurance market in Moldova expanded by almost 15% y-o-y in local currency to MDL 389.65 million (EUR 18.44 million).
At the same time, paid claims of insurers decreased by 14.38% to MDL 158.02 million (EUR 7.48 million), according to the data, published by the National Financial Market Commission.
The market growth driver is non-life insurance, the share of which in the market portfolio exceeded 93%, while life insurance's growth rate was quite moderate, and the share in the market GWP dropped to 6.76%.
Among types of insurance, motor insurance continues to dominate. Total GWP in this segment reached MDL 264.28 million. MTPL and Motor Hull recorded impressive growth rates in 1Q2021, although GWP from Green Card policies decreased significantly due to still existing restrictions on travelling abroad.
Market paid claims decreased compared to the first quarter of 2020 only in non-life insurance, while in life insurance, on the contrary, they increased by 29.17%.
Out of 10 active insurers, ASTERRA GRUP headed the overall ranking, moving up from the second position it occupied a year ago. GRAWE CARAT ASIGURARI moved down to the second place, and GENERAL ASIGURARI ranks third. The aggregate market share of the TOP-3 leaders increased and exceeded 51% by the end of March.
Access xprimm.com and download the latest statistical data of the Moldovan insurance market for 1Q2021.
Author: Marina MAGNAVAL
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