BELARUS: market growth in January 2019 exceeded 16% y-o-y

14 March 2019 — Marina MAGNAVAL
In January 2019, local market GWP amounted to BYN 123.8 million (+16.4% y-o-y), according to market figures published by the Ministry of Finance of the Republic.

The share of leading voluntary insurance types increased from 68.8% in January 2018 to 71.6% in January of this year. In voluntary insurance, local companies generated BYN 15.5 million more y-o-y, with GWP reaching BYN 88.7 million. GWP of compulsory types added only BYN 1.9 million y-o-y and reached BYN 35.1 million.

Although market paid claims in January of this year added BYN 5.9 million (up to BYN 54.1 million), the paid claims level dropped from 45.3% in January 2018 to 43.7% in January 2019.

Among 20 market participants, 16 companies were active in terms of GWP and paid claims. GWP above BYN 10 million were generated only by the TOP-3 leaders - BELGOSSTRAKH (unchanged market leader) generated almost BYN 54.4 million and paid BYN 25.3 million; PROMTRANSINVEST (GWP amounted to about BYN 16.9 million) and BELNEFTESTRAKH (BYN 13.3 million).

*EUR 1 = BYN 2.4683 (31.01.2019)

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