Moldovan insurance market grows 0.7% y/y in Q1

Compensation and insurance payments amounted to 266.7 million lei in the first quarter, increasing by 9.2% on the year, the statistical office, BNS, said in a press release.

In the first quarter, Moldovan insurers reaped a pre-tax profit of 82 million lei, which is 8.7% higher than the value recorded in the prior-year period. Revenues rose by an annual 8% to 1.163 billion lei, while expenses were 7.9% higher at 1.081 billion lei.

Premiums from mandatory car insurance rose by 15.8% on the year to 370.6 million lei as at the end of March, while casco premiums grew by 10% to 128.5 million lei.

Health insurance increased by 10.9% to 29.9 million lei in the first quarter of 2024, while other general insurance premiums plummeted by 65.1% to 42.9 million lei. Life insurance premiums remained flat year-on-year at 25.6 million lei in the first quarter.

In 2023, the GWP of Moldovan insurers rose by 18.8% to 2.936 billion lei.

(1 euro=19.1914 Moldovan lei)