The financial situation in the insurance sector during the first six months of this year was characterized by a rise in revenues, gross written premiums, paid insurance and technical reserves. The revenues of insurance companies grew considerably compared with the corresponding period last year, mainly as a result of the increase in revenues from investments.
The National Commission for Financial Markets supervised the insurance sector in the first half of this year. As from July 1, the National Bank of Moldova exercises the duties to license, authorize, regulate and supervise insurance or reinsurance companies, intermediaries in insurance and/or reinsurance and the National Bureau of Motor Insurers of Moldova.
According to the central bank, the total assets of insurance companies on June 30 were 4.616,4 billion lei, up 8.9 percentage points from the end of last year, IPN reports.
The value of the eligible assets for covering the technical reserves and minimum capital requirements was of 3.737,6 billion lei, up +9.6 percentage points on the end of the previous year. The liquid assets at the end of the first half were 2.559,2 billion lei, an increase of 7.6% on December 31, 2022.
In January-June, the insurance companies collected gross premiums of 1.398,3 billion lei, up 18.3% or 216.4 million lei compared with the corresponding period last year. The civil liability instance for motor vehicles, land vehicle insurance (except railway vehicles), including CASCO, and insurance against fire and other natural disasters represented 77% of the market.
The gross written premiums related to civil liability insurance for motor vehicles in the first half of this year were 151.5 million lei or by 47.6 percentage points higher than in the corresponding period last year. This led to a rise of about 70% in the total gross written premiums related to civil liability insurance for motor vehicles.
