Insurances

The Insurances market in Moldova is projected to reach a market size (gross written premium) of US$1.89bn in 2024.
Non-Life Insurances dominate the market with a projected market volume of US$953.00m in 2024.
In 2024, the average spending per capita in the Insurances market in Moldova amounts to US$567.80.
When comparing globally, it is evident that the United States leads with the highest nominal value, expected to reach US$3.8tn in 2024.
The gross written premium is anticipated to show an annual growth rate (CAGR 2024-2029) of 2.74%, resulting in a market volume of US$2.17bn by 2029.
In the global comparison, the United States will generate the most gross written premium, reaching US$3.8tn in 2024.
In Moldova, the insurance market is experiencing a surge in demand for health insurance due to increasing awareness about the importance of healthcare coverage.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Insurances market in Moldova is experiencing notable growth and development. Customer preferences in the insurance market in Moldova are shifting towards more comprehensive coverage options, including health and life insurance, reflecting a global trend towards greater financial security and protection. Customers are increasingly seeking tailored insurance solutions that meet their specific needs and provide peace of mind in an uncertain world. Trends in the market in Moldova indicate a growing demand for digital insurance services, with more customers opting to purchase policies online or through mobile apps. This trend mirrors developments in other markets, where technology is playing an increasingly important role in the insurance industry, streamlining processes and improving customer experience. Local special circumstances in Moldova, such as a rapidly expanding middle class and increasing awareness of the importance of insurance, are driving the growth of the insurance market. As disposable incomes rise and financial literacy improves, more individuals and businesses are recognizing the value of insurance as a means of protection against unforeseen events. Underlying macroeconomic factors, such as stable economic growth and a favorable regulatory environment, are also contributing to the positive trajectory of the insurance market in Moldova. As the country continues to develop and integrate into the global economy, the insurance sector is expected to play a key role in supporting financial stability and promoting long-term prosperity.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.