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In the first quarter of 2022, the volume of written insurance premiums exceeded the volume of paid indemnities by 2.6 times.

In the first quarter of 2022, the volume of written insurance premiums exceeded the volume of paid indemnities by 2.6 times.

According to the National Commission for the Financial Market, in January-March 2022, insurance companies signed premiums for 485 million lei, which is 24.5% more than in the same period last year. According to the regulator, the Moldovan insurance market is still dominated by the segment of general insurance with a share of 94.4% in the total volume of gross premiums subscribed by insurance companies (458 million lei), while life insurance accounted for 5.6% of premiums ( 27.3 million lei). Growth was recorded for most classes of insurance, including accident (+80.3%), health (+11.6%), CASCO (+7.7%), fire and other natural disasters (+55.4% ), insurance, other property (+86.2%), motor third party liability, including domestic (+19.5%) and external insurance/Green Card (+55%), aviation civil liability insurance (+ 139.7%), crops (+114%), life (+3.6%), etc. At the same time, there decreased the volumes of collected premiums for aircraft insurance (-191.9%), general civil liability (-43.5%), railway transport (-90.8%). Herewith, the total amount of indemnities paid out by insurance companies in the first quarter of 2022 amounted to 185 million lei, an increase of 17.1% compared to the same period in 2021. Damage paid for general insurance amounted to 174.6 million lei (+ 15.6%), and life insurance - 10.3 million lei (+47.7%). In the structure of compensations, payments to health insurance increased significantly, which amounted to 11.4 million lei, an increase of 42.9% compared to the same period last year. The volume of indemnities paid under motor third party liability insurance increased by 14.3%, amounting to 88.8 million lei, including RCA - 70.5 million lei (+ 14.3%) and Green Card - 18.2 million lei (+14.9%). Compensations for CASCO increased by 21.7%, for insurance against fires and other natural disasters - by 42.4%, for insurance of other property - by 46.4%. According to the NCFM, during the reporting period, the number of insurance contracts increased by 22.3% - up to 443.2 thousand at the end of March 2022, as well as the number of indemnities paid - by 13.5% - up to 14.3 thousand. At the end of March, 10 insurance companies were operating in the insurance market of Moldova.// 19.05.2022 — InfoMarket

News on the subject

In Moldova, they will legalize the electronic Compulsory Motor Third Party Liability Insurance policy and increase the amount of fines for driving a car without third-party liability insurance by 10 times.
In Moldova, they will legalize the electronic Compulsory Motor Third Party Liability Insurance policy and increase the amount of fines for driving a car without third-party liability insurance by 10 times.
The Law on Insurance and Reinsurance Activities will come into force in Moldova on January 1, 2023, and from that day the previous Law on Insurance will become invalid.
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Moldovan Parliament adopts in second reading the draft law on compulsory motor third party liability insurance for damages caused by vehicles.
Moldovan Parliament adopts in second reading the draft law on compulsory motor third party liability insurance for damages caused by vehicles.
Despite a significant increase in written insurance premiums in 2021, the level of insurance penetration in GDP remains moderate, - NCFM.
Despite a significant increase in written insurance premiums in 2021, the level of insurance penetration in GDP remains moderate, - NCFM.
The Parliament approved in final reading the draft law on insurance and reinsurance activities.
The Parliament approved in final reading the draft law on insurance and reinsurance activities.
Insurance companies’ profit in 2021 amounted to about 98.91 million lei, which is 3.1% higher than in 2020 (95.96 million lei).
Insurance companies’ profit in 2021 amounted to about 98.91 million lei, which is 3.1% higher than in 2020 (95.96 million lei).