BELARUS: from January to November 2020, the insurance market expanded by 8.8% y-o-y

14 January 2021 —
In the first eleven months of 2020, GWP of the Belarusian insurance market amounted to approximately BYN 1.36 billion (~EUR 0.44 billion*), which is 8.8% more y-o-y, according to the Ministry of Finance of the Republic.

At that GWP of the voluntary insurance for the period increased to BYN 860.5 million (EUR 277.7 million), and the share of voluntary types in the market portfolio grew to 63.4% from 62% a year ago. Compulsory types also increased from January to November 2020 y-o-y, total GWP of compulsory insurance amounted to BYN 497.2 million (EUR 160.4 million).

Paid claims in the market grew by about 13% y-o-y, to BYN 725.5 million. The level of paid claims in the total volume of insurance premiums for 11 months of 2020 slightly increased and reached 53.4% (vs 51.3% for Jan-Nov 2019).

*at the following exchange rate:

1 EUR = 3.0987 BYN (as of 01.12.2020)