Property Insurance - Moldova | Statista Market Forecast

The Property Insurance market market in Moldova is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$302.40m in 2024.
This indicates a positive trend in the demand for Property Insurance market in the country.
Furthermore, the average spending per capita in the Property Insurance market market is expected to amount to US$90.82 in 2024.
This shows the willingness of individuals in Moldova to invest in insurance coverage to protect their properties.
Looking ahead, the market is anticipated to continue its growth trajectory.
With an estimated annual growth rate (CAGR 2024-2029) of 2.36%, the gross written premium is projected to reach US$339.80m by 2029.
This reflects the increasing importance of Property Insurance market in the country's overall insurance industry.
When compared to global counterparts, Moldova's Property Insurance market may still be relatively small.
However, it is important to note that the United States is expected to generate the highest gross written premium, amounting to US$240.4bn in 2024.
This highlights the significant market size and potential of Property Insurance market the United States, which serves as a benchmark for other countries.
Despite the growing demand for property insurance in Moldova, the market remains highly fragmented with a limited number of insurers offering comprehensive coverage options.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in Moldova is experiencing significant growth and development, driven by various factors shaping the industry in the country.

Customer preferences: Customers in Moldova are increasingly recognizing the importance of protecting their properties through insurance coverage. With rising awareness about the potential risks and uncertainties associated with property ownership, there is a growing demand for property insurance among individuals and businesses alike. Moreover, the desire for financial security and stability is prompting more customers to invest in property insurance policies to safeguard their assets.

Trends in the market: One notable trend in the Moldovan Property Insurance market is the introduction of innovative insurance products tailored to meet the specific needs of customers. Insurance companies are focusing on providing customizable and flexible policies that offer comprehensive coverage for various types of properties. Additionally, there is a growing trend towards digitalization in the industry, with the adoption of online platforms for purchasing insurance, managing claims, and accessing customer support services. This trend is not only enhancing customer convenience but also improving operational efficiency for insurance providers.

Local special circumstances: Moldova's unique geographical location and exposure to natural disasters such as floods and earthquakes have a significant impact on the Property Insurance market. The increased frequency of such events has highlighted the importance of having adequate insurance coverage for properties against natural calamities. As a result, there is a growing emphasis on property insurance that includes coverage for natural disasters, ensuring that customers are financially protected in case of unforeseen events.

Underlying macroeconomic factors: The overall economic stability and growth in Moldova play a crucial role in shaping the Property Insurance market. As the economy continues to expand, there is a corresponding increase in property investments and construction activities, driving the demand for insurance products. Additionally, favorable government regulations and initiatives to promote the insurance sector are creating a conducive environment for market growth. The stable economic conditions are instilling confidence in customers to invest in property insurance as a means of mitigating risks and securing their assets.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.