Non-life insurances - Moldova | Statista Market Forecast

The Non-life insurances market market in Moldova is projected to reach a market size (gross written premium) of US$953.00m in 2024.
On average, each person in Moldova is expected to spend US$286.20 on Non-life insurances market in 2024.
The gross written premium is anticipated to grow at an annual rate of 2.37% (CAGR 2024-2029), resulting in a market volume of US$1.07bn by 2029.
In global comparison, the United States is forecasted to generate the highest gross written premium, amounting to US$2.5tn in 2024.
Moldova's non-life insurance market is experiencing a surge in demand due to increasing awareness of the need for financial protection.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

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

The Non-life insurances market in Moldova is experiencing steady growth and development.

Customer preferences: Customers in Moldova are increasingly seeking non-life insurance products to protect their assets and mitigate risks. The demand for motor vehicle insurance, property insurance, and health insurance is on the rise as individuals and businesses recognize the importance of financial protection against unforeseen events.

Trends in the market: One notable trend in the Moldovan non-life insurance market is the increasing competition among insurance companies. This competition is driving innovation in product offerings and pricing strategies, ultimately benefiting customers with a wider range of choices and more affordable premiums. Additionally, there is a growing emphasis on digitalization and online distribution channels to enhance customer experience and reach a larger audience.

Local special circumstances: Moldova's non-life insurance market is influenced by the country's economic landscape and regulatory environment. The market is relatively small compared to other European countries, but it presents opportunities for insurers to expand their operations and tap into an underserved market. Moreover, the country's geographic location and proximity to key markets in Europe play a role in shaping the insurance industry, as insurers adapt their strategies to cater to the specific needs of Moldovan customers.

Underlying macroeconomic factors: The growth of the non-life insurance market in Moldova is also supported by favorable macroeconomic conditions. As the country continues to develop and improve its infrastructure, there is a corresponding increase in demand for insurance products to protect against various risks. Additionally, regulatory reforms and efforts to enhance transparency and consumer protection contribute to the overall stability and growth of the insurance sector in Moldova.

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.