The National Bank of Moldova published its review of the Moldovan insurance sector’s financial position and compliance with prudential requirements as of 30 September 2025. The update shows a slight decline in total assets alongside rising technical reserves and eligible own funds, with all licensed insurers remaining above minimum solvency thresholds, while sector profitability weakened materially. Total assets stood at MDL 5,631.4 million, down 0.2% versus 30 June 2025, while liquid assets rose to MDL 3,511.1 million, representing 62.3% of total assets and 106.8% of total technical reserves. All insurers reported solvency ratios above 100%, with average non-life solvency at 180.0% (down 2.6 percentage points) and life solvency at 694.6% (up 115.5 percentage points). Gross technical reserves reached MDL 3,287.3 million, up 0.5%, and admitted assets allocated to cover technical reserves and minimum capital requirements totalled MDL 4,353.6 million, leaving a surplus of MDL 696.5 million, largely held in government securities (68.5%). The net combined operating ratio for non-life insurance was 98.7%, while net profit for the first nine months of 2025 fell to MDL 121.3 million, down 50.3% year on year, with two insurers reporting losses. The market comprised nine insurers (eight non-life-only and one composite), 56 insurance and reinsurance brokers, 53 insurance agents and 34 bancassurance agents. Gross written premiums in the first nine months totalled MDL 2,443.9 million, up 0.9% year on year, with non-life accounting for 97.0% and motor insurance representing over 71% of premiums. Claims paid reached MDL 1,041.8 million, up 15.7%, and the non-life claims-to-premiums ratio increased to 42.0%. Intermediaries accounted for 62.6% of premiums (MDL 1,520.7 million) and earned commissions of MDL 516.5 million; motor insurance funds administered by the National Bureau of Motor Insurers recorded contributions of MDL 8.3 million to the Road Victims Protection Fund and MDL 16.7 million to the Compensation Fund, with end-period balances of MDL 46.8 million and MDL 175.7 million, respectively.
National Bank of Moldova 2025-12-22
National Bank of Moldova publishes Q3 2025 insurance sector review showing higher reserves and weaker profitability
The National Bank of Moldova's review of the insurance sector as of 30 September 2025 highlights a slight decline in total assets and weakened profitability, despite all insurers maintaining solvency ratios above 100%. Total assets decreased by 0.2% to MDL 5,631.4 million, while gross written premiums rose by 0.9% to MDL 2,443.9 million, with motor insurance comprising over 71% of premiums. The sector's net profit fell 50.3% year on year to MDL 121.3 million, with two insurers reporting losses.