STATISTICS: BELARUS, FY2018: The market grew by more than 14%

18 April 2019 —
STATISTICS:  BELARUS, FY2018: The market grew by more than 14%
In 2018, total market GWP reached BYN 1,226.04 million (EUR 495.69 million), which is 14.57% more y-o-y, according to figures published by the Ministry of Finance of the Republic. Market growth in Euro looks much more moderate (9.10%).

Voluntary classes collected BYN 715.8 million (EUR 289.4 million) in GWP in 2018. As the Ministry noticed, in recent years the market has maintained the trend of outpacing growth in voluntary insurance, which led to the increase of the voluntary insurance share in the market portfolio to 58.4% (+1.8% change). The biggest shares in GWP fell on property insurance, medical expenses and insurance against accidents.

Mandatory insurance in the market dropped a little - from 43.41% to 41.61% - and amounted to BYN 510.19 million (EUR 206.27 million). MTPL generated BYN 164.77 million (EUR 66.62 million), or about 13.44% of mandatory GWP, while Green Card policies contributed BYN 95.71 million (EUR 38.69 million), or 7.81% of the mandatory GWP.

Market paid claims increased by 16.74% in local currency, to BYN 624.75 million (EUR 252.59 million). A significant up-trend of paid claims was recorded by life insurance (+120.41%), construction risks and liability.

As of January 1, 2019, the market of Belarus was represented by 16 insurers. The unchanged market leader is BELGOSSTRAKH (47.35% total market). The most impressive growth rates were demonstrated by PROMTRANSINVEST (+31.96%), which ranks 2nd in terms of GWP. In the life sector among the two life insurers the major player and the leader is STRAVITA (75.26%).

* 1 EUR = 2.4734 New Belarusian Ruble - BYN (December 31st, 2018)

Access and download FY2018 Belarusian insurance market statistics.