BELARUS: GWP y-o-y growth for January-July exceeded 15%

For the period of January-July 2018 Belarusian insurers generated BYN 705.2 million* of GWP (direct insurance and co-insurance). Annual growth of premiums (compared to the same period in 2017) amounted to 15.2%, as reported by the Ministry of Finance of the Republic.

Voluntary class premiums exceeded the result of the same period of 2017 by BYN 65 million. Compulsory insurance premiums for January-July amounted to BYN 288.2 million (BYN 27.9 million more than a year ago). With that, the share of voluntary classes in total GWP of the market increased and reached 59.1% (vs 57.5% in January-July 2017).

Paid claims for the first 7 months of this year also went up and amounted to BYN 352 million (BYN 43.4 million more than a year ago). However, the ratio of paid claims in total premiums slightly decreased to 49.9% (vs 50.4% for January-July 2017).

*EUR 1= BYN 2.3222 (as of 31.07.2018)

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