At the end of the first half of 2024, the insurance sector of Belarus amounted to BYN 1,267.85 million (EUR 374.87 million), which is 15.50% more y-o-y in local currency, as the data published by the Ministry of Finance of the Republic of Belarus show.

As noted by the Ministry of Finance, GWP in voluntary insurance for January-June 2024 amounted to BYN 859.96 million, which is BYN 115.6 million more y-o-y. At the same time, mandatory insurance amounted to BYN 407.89 million, which is BYN 54.5 million more than in the same period of 2023.

The share of voluntary insurance in the market portfolio has not changed and amounts to 67.8% (vs 67.8% for January-June 2023).

Among all insurance classes, the largest in terms of premium share is property insurance of legal entities (17.28%). Of the insurance classes with a double-digit market share, property insurance of legal entities demonstrated the highest growth rates.

In January-June 2024, paid claims in the republic reached BYN 699.04 million (EUR 206.69 million), which is 8.15% more y-o-y in local currency. The level of paid claims in the total GWP for January-June 2024 decreased a bit and amounted to 55.1% (vs 58.9% for January-June 2023).

Access xprimm.com and download the latest Belarusian insurance market statistics for 1H2024 in EUR and BYN.