Moldova

Axco provides details on the life insurance sector including Moldovan market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Moldova, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Moldovan pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Moldova report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

The Moldovan life market is one of the smallest in Europe with a global ranking in 2019 of 142nd. As in some other post-Soviet economies, insurance barely registers in the popular or commercial consciousness. The personal income per capita is low: there has been little attempt to educate the population into the benefits of insurance and there remains little short term prospect of tax incentives for life products at individual or corporate level. Although the prospects for growth are ultimately limited by the small size of the economy ....

The Moldovan government continues to face significant challenges with its pension system as the population is ageing and the young generation has been leaving the country to work overseas, meaning there is a small number of contributors, and low ratio between contributors and pensioners. Furthermore the volume of salaries paid outside the official payroll declarations is leaving the social security system in deficit ....

A compulsory national health insurance scheme was started 1 January 2004, financed in part by employer and employee contributions, initially each paying 2% of salary. The contribution level has gradually been increased to the amount of 4.5% each since July 2016 and remained at this level in 2020. The state has to make good the underfunding of the state health service plus there is still a significant out-of-pocket element contributed by the users of the system ....