In 1Q2023 the insurance sector grew by 13.51% to BYN 541.16 million (EUR 174.40 million). At that, non-life supported the market up-trend, while life insurance fell by almost 16% y-o-y, according to data published by the Ministry of Finance of the republic.

Voluntary insurance amounted to BYN 394.9 million (life and non-life, summed). The share of voluntary insurance in total market portfolio reached 73.0% (vs 71.2% in 1Q2022). In the structure of voluntary insurance, the largest shares are occupied by personal insurance - 42.9% and property insurance - 49.3%.

In mandatory insurance in the first three months of 2023, insurers collected BYN 146.3 million. The share of mandatory insurance in total GWP is 27.0% (vs 28.8% a year earlier). The largest segments in the structure of mandatory insurance are personal insurance - 37.8% and liability insurance - 53.4%.

In 1Q2023 paid claims in the republic amounted to BYN 332.16 million (EUR 107.04 million), of which BYN 235.8 million (71.0%) were paid for voluntary insurance, and BYN 96.4 million (29.0%) - for mandatory insurance. The level of paid claims in the total amount of premiums reached 61.4% (in 1Q2022 - 57.4%).

Access xprimm.com and download the latest Belarusian insurance market statistics for 1Q2023 in EUR and BYN.