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In Moldova, the profit of insurance companies before tax in the first quarter of 2023 amounted to 75.4 million lei, decreasing by 10% compared to the same period in 2022.

In Moldova, the profit of insurance companies before tax in the first quarter of 2023 amounted to 75.4 million lei, decreasing by 10% compared to the same period in 2022.

Such data were provided by the National Bureau of Statistics, saying that, while the total income of insurers in January-March 2023 amounted to 1 billion 077.3 million lei, exceeding by 59.8% the same period of the previous year, and their expenses increased over year by 69.7% - up to 1 billion 001.9 million lei. According to the NBS, in the first quarter of 2023, the gross premiums accrued by insurance companies amounted to 664.3 million lei, exceeding by 36.9% the gross premiums accrued for the same period of the previous year. At the same time, payments of insurance indemnities and compensations in January-March 2023 amounted to 244.2 million lei and increased by 31.3% compared to payments in the corresponding period of 2022. According to official statistics, for the analyzed period, the share of general insurance increased from 94.3% to 96.2%, while the share of life insurance decreased from 5.7% to 3.8%. In particular, general insurance premiums in the first quarter of 2023 amounted to 638.7 million lei, which is 39.5% more than in the same period of 2022, while the amount of life insurance premiums decreased by 6.9% - to 25.6 million lei. Herewith, approximately 48.2% of the total general insurance premiums fell in January-March 2023 on motor third party liability insurance - 320.1 million lei (+ 39.9% compared to the same period in 2022) and 17.6% - for land transport insurance (CASCO) - 116.8 million lei (+23.3%, compared to the same period in 2022). About 93.5% of the indemnities paid in the first quarter of 2023 fell on general insurance - 228.4 million lei, which is 30.6% more than in the same period a year earlier. Health insurance payments amounted to 6.5% of the total - 15.8 million lei, which is 42.2% more than in the same period a year earlier. Most claims in January-March 2023 were paid for motor third party liability insurance - 52.6% of the total indemnities, and CASCO - 27.5% of the total. Meanwhile, in the first quarter of 2023, motor third party liability insurance indemnities amounted to 128.4 million lei in monetary terms, which is 44.2% more than in the same period of 2022, while CASCO indemnities increased by 6.4 %, amounting to 67.1 million lei.// 25.05.2023 — InfoMarket.

News on the subject

The new law on compulsory motor third party liability insurance (CMTPL) for damage caused by motor vehicles will take effect on April 1.
The new law on compulsory motor third party liability insurance (CMTPL) for damage caused by motor vehicles will take effect on April 1.
In Moldova, the profit of insurance companies before tax in 2022 amounted to 156.2 million lei, decreasing by 8.7% compared to 2021.
In Moldova, the profit of insurance companies before tax in 2022 amounted to 156.2 million lei, decreasing by 8.7% compared to 2021.
From March 1, people who hire day laborers to perform casual unskilled work must pay contributions to the state social insurance budget for them.
From March 1, people who hire day laborers to perform casual unskilled work must pay contributions to the state social insurance budget for them.
CNAS reminds us that a new phase of pension recalculations will begin January 1, 2023, and encourages timely applications for payment revisions.
CNAS reminds us that a new phase of pension recalculations will begin January 1, 2023, and encourages timely applications for payment revisions.
From January 1, 2023, the new Law on Insurance and Reinsurance Activities will come into force.
From January 1, 2023, the new Law on Insurance and Reinsurance Activities will come into force.
In 2023, the compulsory medical insurance policy in a fixed amount will rise in price by 3.1 times - up to 12,636 lei, but in the first 3 months of the year it will be available at a reduced price.
In 2023, the compulsory medical insurance policy in a fixed amount will rise in price by 3.1 times - up to 12,636 lei, but in the first 3 months of the year it will be available at a reduced price.