BELARUS: 2019 insurance reserves increased by almost 18% y-o-y

23 April 2020 — Marina MAGNAVAL
As of January 1st, 2020, 16 insurance organizations and 30 insurance brokers were active on the insurance market of Belarus. Total number of insurers has not changed compared to 2018, according to the data of the Ministry of Finance of the Republic.

Total number of insurance contracts for 2019 decreased by 5.5%. A decrease was observed only in voluntary segments, while the number of compulsory contracts, on the contrary, have been showing a stable growing trend (6,435.3 thousand units vs 6,335.2 thousand units in 2018).


Total amount of insurance reserves as of January 1st, 2020 amounted to BYN 1,839.4 million (~EUR 778 million*) (+17.7% y-o-y in local currency).


Assets of insurance organizations at the end of 2019 reached BYN 3,884.9 million, which is 9.1% more y-o-y. Total equity of insurers grew to BYN 1,639.5 million. At that 75% of total equity fell on to their charter capital. The profit before tax of insurers by January 1st, 2020 amounted to BYN 78.7 million.


GWP for risks, accepted in reinsurance in 2019, decreased by 6.5%, to BYN 104.4 million. The GWP for risks, ceded to reinsurance, remained almost unchanged y-o-y and amounted to BYN 119.3 million (+0.8%), The Ministry of Finance reports.


The ratio of market GWP to GDP, as of January 1st, 2020, amounted to 1.06% with a slight increase, the ratio of insurance assets to GDP reached 2.94%, and the amount of insurance premiums per capita increased to BYN 149.2 (vs BYN 129.4 for 2018 and BYN 112.7 for 2017).

* at the following exchange rates:
EUR 1 = BYN 2.3637 (as of January 1st, 2020)
EUR 1 = BYN 2.4734 (as of January 1st, 2019)
EUR 1 = BYN 2.3553 (as of January 1st, 2018)

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