The average claim for domestic MTPL insurance in the first nine months of last year was 19,734 lei/unit, by 1,204 lei/unit or 6% higher than in the similar period of 2023. For Green Card insurance, the average claim in the same period was 82,774 lei/unit, by 9,018 lei or 12.2 percent higher than at the end of the third quarter of 2023, IPN reports.

According to the National Bank of Moldova (NBM), insurance companies in the first nine months of the year collected gross premiums to the value of 2,421.9 million lei, which is by 10.9% more than the gross premiums written in the same period of the previous year.

As in previous years, most of the insurance premiums in the first nine months of last year were directed to the non-life insurance business, which held a share of 97% of the total gross premiums written by insurance companies (2,349.7m lei). The value of gross written premiums for life insurance was 72.2 million lei (3%), the lowest amount recorded in the last five years. Compared to the same period last year, the reported gross written premiums for life insurance were by 0.3 million lei or 0.4% higher.

In the total gross written premiums for non-life insurance, mandatory motor civil liability insurance (internal RCA, green card, TIR booklet, CMR booklet), land vehicle insurance, other than railway (CASCO) and fire and calamity insurance accounted for the largest shares, with a total of over 80.5% of the market.

The average premium for domestic MTPL insurance in the first nine months of 2024 was 1,438.0/unit, by 12.6 lei or 0.9% higher than in the same period of the previous year. For Green Card insurance, the average premium in the same period was 1,092.7 lei/unit, by 50.3 lei/unit or 4.4% less than at the end of the third quarter of 2023.

For non-life insurance, the insurance claims paid out by companies saw an upward trend over the last five years. The ratio of claims to premiums (gross values) for non-life insurance in the first nine months of 2024 was 36.7%, up 5.4 percentage points compared to the same period of the previous year.

According to NBM data, nine insurance companies, 48 insurance or reinsurance brokers, 51 insurance agents and 31 bancassurance agents were working in the Republic of Moldova at the end of the third quarter of 2024.