The Market Today

Market Trends

The strong overall economic outlook provides ongoing support to the insurance industry, which has been growing strongly, although penetration still remains very low even by regional standards. In 2023, the total premium for the non-life market grew by 10.4% to XOF 57.3bn, including personal accident (PA) and healthcare. This followed a growth of 9.7% in 2022. In particular, the property account, supported by the increase in mining operations, has grown very strongly, showing year-on-year growth of 40.3% in 2021, 15.3% in 2022 and 20.4% in 2023.

The motor account is the largest in the market with a 32.7% share in 2023, but this has slowly been eroded as the property account expands rapidly. The market share of property premiums increased to 29.8% while healthcare and PA remains the third largest on 18.7%. The growth of larger mining risks has also seen overall market cessions increase as local insurers do not have the requisite capacity. This trend should continue as a new Mining Code has been adopted alongside a local content law. This requires mining operations to take cover with a local insurer and has mechanisms to improve compliance.

Market Trends

Figures from the National Bank of Moldova (BNM) reported a strong growth of around 11.7% in non-life premiums for 2024 compared to 2023, bringing total gross written premiums to MDL 2.919bn.

Market Participants

On 25 August 2025, Vienna Insurance Group (VIG) announced that it had prevailed in the public auction for the acquisition of 80% of the shares of MOLDASIG S.A. (Moldasig). With this investment, VIG becomes the market leader in the Republic of Moldova with an estimated share of approximately 30 percent. VIG has participated in the non-life insurance market in Moldova since its acquisition of Donaris Insurance in 2014.

Other Developments

The Union of Myanmar Election Commission announced on 11 August 2025 that elections would be held "step-by-step", with the first stage of the election process to begin on 28 December 2025. There was no elaboration on what the stages of the election would be.

A 7.7-magnitude earthquake struck Myanmar on 28 March 2025, causing widespread devastation. The epicentre was said to be at 10km depth and 16km northwest of Sagaing. The main population centre affected was the second largest city of Mandalay. The cities of Sagaing and the capital Nay Pyi Daw were also badly affected. By the end of July in that year estimates of death toll were 4,500 or more. The expected economic loss was put at USD 12bn, equivalent to 14% of GDP. International reinsurers said that only a small percentage of this figure would have been insured.