STATISTICS: BELARUS, 3Q2018: paid claims amounted to almost half of the total market GWP

29 November 2018 —
STATISTICS:  BELARUS, 3Q2018: paid claims amounted to almost half of the total market GWP
Insurers of Belarus for 3 quarters in 2018 generated GWP in the amount of BYN 906.62 million (EUR 369.49 million). The market growth in local currency reached 16.1% and in euro the growth was less impressive - by 9.49% only.

According to data published by the Ministry of Finance of the Republic, GWP of voluntary classes for 9 months this year, including voluntary life and non-life insurance, reached BYN 544 million. The share of voluntary insurance in the market amounted to 60% (vs 57.7% a year ago). Among voluntary insurance classes the biggest shares in the market GWP were taken by property of legal entities and property of individuals (about 13% and 12% accordingly).

GWP of mandatory insurance for 9 months of 2018 amounted to BYN 362.6 million. The market share of mandatory insurance decreased from 42.28% a year ago to 40% as of the end of September. Except for Green card policies (8% of premiums), mandatory insurance consists mainly of insurance against accidents at work and occupational diseases (13.47%) and MTPL (almost 14%).

In 3Q2018 Belarusian insurers paid claims worth BYN 447.6 million, up by 14% y-o-y. In paid claims the share of voluntary insurance is 58.3%, and the share of mandatory insurance is 41.7%. Total level of paid claims in the market GWP as of the end of September reached 49.4% (vs 50.4% a year ago).

Total insurance reserves as of 01.10.2018, based on the data of the Ministry of finance, reached BYN 1 479.6 million. At that insurance reserves of non-life sector amount to BYN 953.7 million and life reserves - BYN 525.9 million (as of 01.10.2017 the reserves amounted to BYN 787 million and BYN 423.3 million accordingly).

Market positions of TOP-3 remained unchanged - the market leader BELGOSSTRAKH keeps its share at the level of 46%, the market share of PROMTRANSINVEST slightly went up y-o-y, and the market share of BELNEFTESTRAKH is almost the same as a year ago. All 18 insurers, working in the market, except for the market leader, have market shares below 10%.

Access and download 3QH2018 Belarusian insurance market statistics.