STATISTICS: BELARUS, 1Q2024: voluntary insurance generates over 72% of all premiums

21 May 2024 — Marina MAGNAVAL
STATISTICS:  BELARUS, 1Q2024: voluntary insurance generates over 72% of all premiums

At the end of 1Q2024, the insurance sector of Belarus amounted to BYN 633.59 million (EUR 180.93 million), which is 17% more y-o-y, as shown by data published by the Ministry of Finance of the Republic of Belarus.

Voluntary insurance reached BYN 458.3 million, and the share of voluntary insurance in the total market premiums is 72.3%. In the structure of voluntary insurance, personal insurance accounts for 42.9%, property insurance – 48.8%.

Mandatory insurance at the end of the first quarter amounted to BYN 175.3 million. Its share in the total GWP is 27.7%. In the structure of mandatory insurance, personal insurance accounts for 37.1%, and liability insurance – 54.3%.

At the end 1Q2024, paid claims of insurers in the republic amounted to BYN 345.1 million (+3.88%)/EUR 98.53 million, of which voluntary insurance generates BYN 235.3 million (68.2%), mandatory insurance – BYN 109.8 million (31.8%). The level of paid claims in total premiums decreased to 54.5% (in 1Q2023 – 61.4%).

Access xprimm.com and download the latest Belarusian insurance market statistics for 1Q2024 in EUR and BYN.


 

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