Based on the results of the first quarter of 2026, the National Bank considers systemic risks in the nonbank lending sector—including nonbank credit institutions and loan and savings associations—to be moderately low, citing key indicators of its performance.
The organizations’ loan portfolio grew by 2.3%, and portfolio quality remained stable. The main growth was driven by active lending to corporate clients. At the same time, the level of non-performing loans decreased by 0.2 percentage points compared to the previous quarter.
The insurance sector is stable
In the insurance sector, risks were assessed as low. At the same time, gross insurance premiums increased compared to the same period of the previous year.
A similar trend was observed with regard to insurance claims paid, which grew at a faster rate than insurance premiums, leading to an increase in the ratio of insurance claims paid to insurance premiums.
Meanwhile, insurance companies continued to maintain a level of liquidity above the minimum required by law, which allowed them to meet their obligations without any issues.
Approximately 30% of gross insurance premiums for the first quarter of the year were reinsured, which is 2.0% more than in the previous year. And 15.5% of claims payments were recovered from reinsurers, which, according to the regulator, indicates effective risk management and an adequate level of financial protection in the insurance sector.
The solvency ratio stood at 164% for general insurance and 644% for life insurance, significantly exceeding the minimum requirement (≥100%), reflecting the companies’ sound financial position and their ability to meet their obligations and ensure the sector’s long-term stability.
Thus, the low level of systemic risks across Moldova’s entire financial sector is driven by three main factors: high liquidity, asset diversification, and protection against external shocks. Financial companies have sufficient reserves, and the structure of their loan portfolios is diverse, which reduces sectoral concentration. At the same time, these institutions have limited exposure to market fluctuations.
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