The number of insurance contracts in force at the end of this March was by 4% higher than last yearend and by 15% higher compared with the corresponding period of 2018, IPN reports.

According to economic expert Viorel Gîrbu, who was quoted by the portal Infodebit, the motor civil liability insurance contracts at the end of this March represented 77% of the total insurance contracts, forming thus the core of the insurance activity in Moldova.

Even if the insurance sector in time witnessed upward trends in Moldova, its importance for the national economy is ten times smaller than in developed economies, stated the expert.

The value of subscribed gross premiums rose from 914 million lei in 2010 to 1.5 billion lei in 2018. However, the given indicator as a share of the GDP continues to decline. In the developed states, the subscribed gross premiums represent about 8-9% of the GDP, while in Moldova they constituted only 0.8% of the GDP in 2018, as opposed to 1.06% in 2010.