STATISTICS: MOLDOVA, 3Q2020: Market dropped 13% y-o-y, but TOP-3 ended the third quarter in the growth zone
At the end of 3Q2020, the insurance market in Moldova amounted to MDL 1.06 billion (EUR 53.57 million*), which is 12.80% less y-o-y in local currency. Paid claims also decreased by almost 12%, to MDL 438 million, as the data, published by the National Commission of Financial Market shows.
In local currency decline in volumes was recorded only by the non-life sector (by more than 13%). The impact of the pandemic crisis led to negative results at the end of the third quarter in almost all non-life LoB, however, MTPL not only showed impressive growth (+ 20% y-o-y), but also increased its share in the market portfolio by almost 9%. Life insurance growth, on the other hand, was not as impressive (+1.50%), but at least without a decline in MDL.
Of the 13 companies operating in the insurance market of Moldova, the three leaders - GRAWE CARAT ASIGURARI, ASTERRA GRUP and GENERAL ASIGURARI, as well as INTACT ASIGURARI GENERALE, which ranked 9th, ended 3Q2020 in a positive zone. At the same time, ASTERRA GRUP (+29.33%) had the highest rates among the TOP-3, narrowing the gap in its market share with the market leader GRAWE CARAT ASIGURARI.
* at the following exchange rate:
1 EUR = 19.8273 MDL (30 September 2020)
Access XPRIMM Database and download the latest Moldovan insurance market statistics.
Author: Marina MAGNAVAL
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