.PNG)
Insurance companies of the Republic of Moldova accumulated in the first quarter of this year, according to the data of the National Commission for Financial Markets (NCFM), gross written premiums in the amount of MDL 485.2 million, increasing by 24.5% compared to the similar period of 2021.
The insurance market in the Republic of Moldova remains dominated by non-life insurance, with a significant share of 94.4% in the total amount of gross written premiums subscribed by insurance companies, which amounted to 458 million lei. Life insurance accounted for a share of 5.6% in the total amount of gross written premiums, representing 27.3 million lei.
Increases were registered in greater part of insurance categories including accidents (particularly work accidents and occupational diseases) (+80.3%), health (+11.6%), CASCO (+7.7%), fire and other natural disasters (+55.4%), other property insurance (+86.2%), motor third party liability, including domestic MTPL (+19.5%) and Green Card (+55%), aviation civil liability (+139.7%), agricultural crops (+114%), life (+3.6%) etc. At the same time, premiums of other insurance categories shrunk as follows: aircraft insurance (-191.9%), civil liability insurance (-43.5%), and insurance of railway vehicles (-90.8%).
Broadly speaking, the increase in gross written premiums was recorded due to the increase in the number of insurance contracts by 80 993 (on 31.03.2022 – 443 242 contracts concluded), including domestic MTPL (+11 928 contracts) and Green Card (+26 084 contracts).
The total amount of the compensations paid by insurance companies in the first quarter of 2022 reached the MDL 185 million, which is 17.1% more than during the same period of 2021. The insurance claims paid for non-life insurance grew to MDL 174.6 million (+15.6%), and for life insurance to MDL 10.3 million (+ 47.7%).
In the structure of compensations, the compensations for health insurance increased, bouncing to MDL 11.4 million, which is about 42.9% more than it was in the same period of the last year.
The damages paid for the motor third party liability insurance increased as well, lifting to MDL 88.8 million (+14.3%), including domestic MTPL – MDL 70.5 million (+ 14.3%) and Green Card – MDL 18.2 million (+ 14.9%). During the same period, the compensations paid for CASCO insurance increased by 21.7%, for the fire and other natural disasters by 42.4%, and for other property insurance by 46.4%.
During the first quarter 2022 were paid 14 315 claims, by 1 708 more compared to the same period of 2021.
As of March 31, 2022, 10 companies were operating on the insurance market.
