According to the National Bureau of Statistics, the insurance sector of Moldova grew by 10.90% to MDL 2,421.91 million (EUR 124.52 million) at the end of 3Q2024. At the same time, paid claims grew by 26.02% and reached MDL 901.87 million (EUR 46.37 million).

97% of total GWP is generated in non-life insurance, while the share of life insurance continued to decline and now is less than 3%. Motor insurance, as always, remains the leading segment in the market portfolio (70.67%). Except for life insurance, all insurance classes recorded growth at the end of the third quarter.

As for the paid claims’ dynamics by insurance classes, it is worth noting their decrease by 9% in life insurance and by 24% in other non-life insurance. While in property insurance, paid claims rose rapidly - by 247% at once.

As the Bureau notes in its report, in January-September 2024, insurers' income and expenses increased by 18.2% and 22.7%, respectively, y-o-y. Profit before tax decreased by 22.6% compared to the 3Q2023 result.

Access xprimm.com and download the latest Moldovan insurance market statistics for 3Q2024 in MDL and EUR.