BELARUS: market share of voluntary insurance for 10 months went up to almost 60% y-o-y

For January-October 2018 GWP of the local insurers amounted to BYN 1.01 billion. Growth rate reached 16.7%, according to the data, published by the Ministry of finance of Belarus.

In voluntary classes the insurers generated GWP in the amount of BYN 601.6 million (BYN 107.4 million more y-o-y). Growth of mandatory classes was more moderate - GWP amounted to BYN 408.9 million (BYN 37.4 million more y-o-y). Share distribution between voluntary and mandatory insurance in total GWP slightly changed y-o-y - market share of voluntary insurance reached 59.5% (vs 57.1% a year ago).

Paid claims for January-October reached BYN 501.4 million (BYN 61.5 million more y-o-y). Paid claims ratio in GWP amounted to 49.6% (vs 50.8%, recorded last year in October 2017).

*EUR 1 = BYN 2.4090 (31.10.2018)

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