According to results published by the Belarusian Association of Insurers, in 1Q2012, total premiums in the insurance market rose in local currency by 135% year-on-year to BYR 893 billion. In European currency, due the hyper-devaluation of BYR in relation to EUR, the insurance market did not show growth in terms of written premiums: EUR 83.4 million, representing a decrease of 5.6%. Despite this "sensible reality", last month, the FITCH Agency granted state insurance companies the stable outlook. Thus, the financial strength rating of BELGOSSTRAKH, BELEKSIMGARANT and Belarusian National Reinsurance Organization coincides with the country rating:  B-; "stable" outlook. According to FITCH, the positive evaluation will have a positive impact on the investment inflow and participation of organizations in international projects.

Analyzing the financial figures in local currency, the underwritings volume of the life insurance segment grew by 41%, up to BYR 32.84 billion, and on the non-life insurance segment - by 142%, reaching BYR 860.36 million.

The claims paid by profile companies reached BYR 457.17 million, up by 110% compared to 1Q2011, and representing approximately 51% of total underwrittings.

In 1Q2012, 25 players operated in the Belarusian insurance market, four of these specialized on life segment, twenty non-life insurers and one exclusive reinsurance company. The insurance concentration by total GWP of the first 5 companies decreased from 75.5% in 1Q2011 to 81.81% at the end of March, 2012.

On the general insurance segment, the leader remains BELGOSSTRAKH, with underwrittings amounting BYR 441 billion, followed by TASK - BYR 78.35 billion and PromTransInvest (BYR 67.16 billion).

Out of the four operating companies on the life insurance segment, the first position is held by STRAVITA - BYR 22.43 billion, followed by SEDYMAIA Linya (BYR 6.12 billion) and National Belarusian Insurance Pension Fund (BYR 3.76 billion).

Access www.xprimm.com and download the 1Q2012 Belarusian insurance market statistics.

Market portfolio (in EUR and BYR):

•     Gross written premiums
•     Paid claims
•     Growth rates

Market rankings - in EUR and BYR (GWP/Paid claims/Market shares/Growth rates):

•     All insurance lines ranking
•     Life insurance ranking
•     Non-life insurance ranking