Insurances - Moldova

Moldova

The Insurances market in Moldova is projected to reach a market size (gross written premium) of US$1.90bn in 2024.
Non-Life Insurances dominate the market with a projected market volume of US$0.96bn in 2024.
In 2024, the average spending per capita in the Insurances market in Moldova amounts to US$0.57k.
When comparing globally, it is evident that the United States leads with the highest nominal value, expected to reach US$4,642.0bn in 2024.
The gross written premium is anticipated to show an annual growth rate (CAGR 2024-2028) of 3.02%, resulting in a market volume of US$2.14bn by 2028.
In the global comparison, the United States will generate the most gross written premium, reaching US$4,642.0bn 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.

Market

Region

Region comparison

Currency

Analyst Opinion

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.

Methodology

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.