The Belarusian insurance market continued its upward path stagnating last year as the local insurance companies collected premiums worth BYR 4,338 billion (EUR 382 million), up by over 83 percent y-o-y, informed the Belarusian Association of Insurers. In terms of paid claims, the Association reports a 4% y-o-y increase, the 24 market players paying almost BYR 2,065 billion (EUR 182 million).At the same time, the net profit for the insurance companies was BYR 476 billion (EUR 42 million), 60% more y-o-y. Including the financial figures reported by the domestic reinsurer - BELARUS Re, the net profit of the market amounted to BYR 553 billion (EUR 49 million).
According to the financial figures, both major insurance classes contributed to the insurance market' spectacular increase rate: The GWP in life insurance almost doubled to BYR 211 billion (BYR 108 million a year ago), while the non-life insurance increased by "only" 83%, to BYR 4,126 billion, representing 95% of the total market.
The biggest insurers on the Belarusian market were the same state-owned insurers: In the general insurance segment, the leader of the market was still BELGOSSTRAKH (52% market share), while in the life insurance segment, the first position was held by the subsidiary of BELGOSSTRAKH: STRAVITA (73% market share).
Access www.xprimm.com and download the FY2012 Belarusian insurance market statistics.
Market portfolio (in EUR and BYR):
- Gross written premiums
- Paid claims
- Growth rates
- All insurance lines ranking
- Life insurance ranking
- Non-life insurance ranking
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