BELARUS: for the first five months of 2020, the market share of voluntary insurance reached 64%

16 July 2020 — Marina MAGNAVAL
From January to May 2020, Belarusian insurers generated GWP worth BYN 619.9 million (~EUR 231.55 million*), which is 7.1% more y-o-y, according to the data of the Ministry of Finance of the Republic.

GWP of the voluntary insurance types amounted to BYN 397 million, while premiums under compulsory classes reached BYN 222.9 million. It's worth noting that the share of voluntary insurance in the market portfolio increased from 62.7% (as of the end of May 2019) to 64%.

Market paid claims also saw an up-trend and reached BYN 319.2 million. At that the share of paid claims in total GWP increased from 48.2% to 51.5%.

At the beginning the year, 16 insurance organizations were active on the Belarusian market. For the first five months, BELGOSSTRAKH received the highest net profit (almost BYN 24.12 million). The five leaders in terms of net profit also include BELEXIMGARANT, KUPALA, Imkliva insurance and the Belarusian National Reinsurance Organization (Belarus Re).

* for the following exchange rate:

1 EUR = 2.6772 BYN (as of 01.06.2020)

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