STATISTICS: BELARUS, 1H 2018 result: life paid claims saw significantly rapid growth y-o-y by 107.17%
Voluntary insurance demonstrated the highest growth rate (+19.27%). The most dynamic voluntary class was property of legal entities (+32.82%), and the biggest declining trend was recorded in insurance of construction risks (-30.53%). Premiums of mandatory classes for the first 6 months increased by almost 12% to BYN 242.7 million (EUR 104.89 million), however their share in total market GWP slightly dropped (39.98% vs 41.33% a year ago). Accidents at work and occupation diseases and MTPL are still the prevailing mandatory classes (12.43% and 14.21% respectively), at that MTPL premiums went up y-o-y by 19.80%.
Paid claims' growth in the first half year was almost at the same level as GWP (15.91%). It's worth noting that life paid claims saw a significantly rapid growth rate (+107.17%), while non-life paid claims had a rather moderate growing trend (about 11%) mainly due to increase of paid claims in voluntary classes.
BELGOSSTRAKH remains unchanged market leader in terms of GWP (46.69% share), however its market share had almost no change since the first half 2017, next goes PROMTRANSINVEST (9.03%), followed by BELNEFTESTRAKH (7.82%), TASK (7.60%) and STRAVITA (7.30%). From 18 market insurers only 15 were active premium-wise. STRAVITA is also the main life insurer (75.49% of the life segment), and non-life ranking of 13 active insurers is headed by BELGOSSTRAKH (51.69%).
Access http://xprimm.com/ and download the 1H2018 Belarusian insurance market statistics.
Find detailed 1H2018 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2018, to be launched on 21 October, in Baden Baden http://www.xprimmevents.com/baden/