Belarus: 18% GWP nominal y-o-y growth in January 2018

Belarusian market started 2018 year with January GWP in the amount of BYN 101.5 million (EUR 41.4 million), which is by 18.4% more, in nominal terms, than in January of 2017, as informed by the Ministry of Finance of the Republic of Belarus.

GWP of voluntary classes increased by BYN 12.6 million (EUR 5.13 million) against January last year. GWP of compulsory classes increased by BYN 3.2 million (EUR 1.3 million) against the same period of 2017. The share of voluntary classes in total GWP had the same trend - increased by 2.3% against January 2017.

Claims picture in the beginning of 2018 shows the same trend of increase. For January claims increased by BYN 5.3 million (EUR 2.16 million) against January 2017. However, claim level in total GWP, if compared to January 2017, was 1.9% less, which means general positive growing situation in the market.

The market leaders by GWP in January were BELGOSSTRAKH, PROMTRANSINVEST, BELNEFTESTRAKH; by claims - BELGOSSTRAKH, BELNEFTESTRAKH, PROMTRANSINVEST and TASK.

As of February 2018 insurance market of Belarus is represented by 22 insurance companies.

*EUR 1 = BYN 2.4514 (31.01.2018)

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