STATISTICS: MOLDOVA, FY2020: market decline slightly slowed down after the third quarter and by the end of the year amounted to about 11%
The insurance market of Moldova ended 2020 with a total GWP drop of almost 11% y-o-y in local currency (MDL 1.45 billion/EUR 68.77 million). Paid claims decreased by 8.78% to MDL 596.39 million.
However, the rate of decline in GWP and paid claims slowed slightly after the third quarter, according to the data, published by the National Financial Market Commission.
It is worth noting that the decline was observed only in non-life insurance, while life insurance remained almost at the level of 2019 (-0.04%). Despite the decline in the non-life sector, MTPL segment, which occupies almost 32% of the total market portfolio, increased by more than 21% (up to MDL 461.27 million). At the same time, Motor Hull recorded a slight decrease of 1.86%, but its market share increased by about 2%.
On the paid claims side, the largest share fell on motor insurance, although the volume of paid claims in motor insurance decreased by 6.46% y-o-y. In life insurance paid claims increased rapidly - by 128.92%, up to MDL 26.54 million.
The non-life insurance ranking in Moldova is headed by ASTERRA GRUP, which increased its share in the sector to almost 20%, collecting MDL 264.31 million of GWP. Second place out of 13 companies in non-life ranking is taken by GENERAL ASIGURARI (MDL 204.96 million), and the third - by MOLDASIG. Of the three non-life leaders, the market share decreased only for MOLDASIG. GWP of the only life insurer in Moldova, GRAWE CARAT ASIGURARI, remained almost unchanged at the end of the year.
Access xprimm.com and download the latest statistics of the Moldovan insurance market for FY2020 in MDL and EUR:
Author: Marina MAGNAVAL
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