Moldova insurance market grew by 32.6% last year
12:58 | 12.04.2022 Category: Economic
Chisinau, 12 April /MOLDPRES/- Moldovan insurance companies accumulated in 2021 gross written premiums amounting to one billion 926.3 million lei, an increase of 32.6% compared to the previous year. The advance is unprecedented in the history of Moldovan insurance, especially since it took place after a 10.6% decline in gross premiums written in 2020 as a result of the COVID-19 pandemic.
According to the National Financial Market Commission (CNPF), data for 2021 show that the sector remains oriented towards non-life insurance, which has a share of 94.8%, while life insurance accounts for 5.2% of the total volume of premiums. gross subscribed. "In the segment of general insurance, the value of gross written premiums amounted to 1,825.7 million lei, increasing by 473.8 million lei. At the same time, the gross written premiums related to life insurance amounted to approximately 100.5 million lei, being at the same level of the previous year ", a report of the Commission reads.
The quoted source shows that car insurance still dominates the insurance market, accounting for over 70% of the total gross written premiums from general insurance. "The highest volumes of premiums belonged to the compulsory motor third party liability insurance, which accumulated 853.1 million lei (+ 33.5% compared to 2020), of which internal RCA - 585.4 million lei (+26 , 9%) and Green Card - 267.7 million lei (+ 50.5%), followed by CASCO insurance - 417.8 million lei (+ 23.2%) ”, according to the Commission.
Also, in 2021, the companies paid compensations and insurance benefits worth 662.1 million lei, up by 11.0% compared to the previous year.
The data were generalized based on the information presented by the ten insurance companies, which were active as of December 31, 2021.
The National Commission of the Financial Market notes that although the volume of gross written premiums increased significantly in 2021, the degree of penetration of insurance in GDP registered the level of 0.80%, attesting a modest increase of 0.1 p.p. of this indicator compared to 2020 (eg. in the countries of the region the index varies between 1-1.5 percent). "This indicates that the pace of GDP growth has been higher than the expansion of (re) insurance activities, due to reasons related to the economic and financial situation of the citizens of the Republic of Moldova, which focus on other essential products and services" , CNPF press release reads.
Photo: capital.market.md
