National Bank of Moldova reports 2025 insurance sector growth while profitability weakens and the combined ratio reaches 103.5 percent

The National Bank of Moldova published its end-2025 review of the insurance sector, showing growth in assets, technical reserves, premiums and claims, but weaker profitability and lower average solvency and liquidity ratios than at end-2024. Moldova had nine insurers at year-end, and all of them remained above prudential thresholds, with solvency ratios above 100 percent, liquidity coefficients above 1 for each insurance category, and sufficient admissible assets to cover technical reserves and the minimum capital requirement. Total assets rose 7.1 percent to MDL 5.9 billion and gross technical reserves increased 9.1 percent to MDL 3.47 billion, while eligible own funds fell 3.0 percent to MDL 1.40 billion. Average solvency declined to 164.5 percent for general insurance and 603.8 percent for life insurance, and the average liquidity coefficient fell to 3.3 and 15.6 respectively. Gross written premiums grew 3.1 percent to MDL 3.35 billion and gross claims paid increased 15.2 percent to MDL 1.47 billion. General insurance represented 96.7 percent of premiums, motor lines accounted for more than 71.6 percent of the market, the net combined operating ratio for general insurance rose to 103.5 percent, and sector net profit fell 75.2 percent to MDL 72.9 million, with two insurers reporting losses. Insurance intermediaries accounted for 61.9 percent of gross written premiums, up 3.9 percentage points from 2024.