Last year, the average internal motor third party liability (MTPL) insurance was 18,682 lei/unit, by about 2,000 lei or 12% more than in 2022. For Green Card insurance, the average insurance was 74,424 lei/unit, by about 5,000 lei or 7% more than in 2022, IPN reports.
According to data of the National Bank of Moldova, the insurance companies in 2023 collected gross premiums to the value of 2.935.9 billion lei. As during the previous years, the insurance market in the Republic of Moldova was strongly oriented towards non-life insurance, which accounted for 96.34% of the total gross written premiums of insurance companies. The gross written premiums for life insurance came to 107.6 million lei – 3.66% of the total volume of gross written premiums. On December 31, 2023, the number of insurance policies/contracts in force in the Republic of Moldova was 1,283,200.
Of the total gross written premiums for non-life insurance, the classes Compulsory motor third party liability insurance (which includes internal MTPL, Green Card, Carnet TIR, Carnet CMR), and Insurance of land vehicles, other than railway (CASCO), accounted for over 74% of the market. The other classes of insurance attracted gross written premiums of less than 200 million lei or 7.1% each.
The average premium for internal MTPL insurance in 2023 was 1,378 lei/unit, by 373 lei/unit or 37.11% more than in 2022. For Green Card insurance, the average premium was 1,124 lei/unit, by 71 lei/unit or 5.9% less than in 2022.
In 2023, the insurance companies reported gross claims payments of 1,006.6 million lei, by 101.1 million lei or 11.1% more than the amount of insurance paid during the previous year.
The ratio of claims to premiums (gross values) for the non-life insurance business last year was 33.7%, down 2.5 percentage points compared to the previous year.
The central bank said that nine insurance companies were active in the Republic of Moldova at the end of last year, of which eight companies practiced only non-life insurance, while one company carried out simultaneously non-life insurance and life insurance activities. There were also 50 insurance or reinsurance brokers, 49 insurance agents and 35 bancassurance agents.
