STATISTICS: BELARUS, 1H2017: Life and supplementary pension insurance supported the market growth

In 1H2017, the Belarusian insurance market recorded a market growth by 7.10%, to BYN 524.87 million, mostly driven by the life insurance segment.

The growth drivers were savings-life insurance and supplementary pension insurance, accidents, business risks, green card insurance and insurance of temporary managers in case of economic insolvency (bankruptcy).

The high dynamics seen on the voluntary savings-life insurance line has already been observed over the past few years. According to experts, the main stimulus of the upward trend is the fiscal incentivisation of individuals and legal entities in case of concluding agreements for life insurance and supplementary pension insurance.

Other reasons for the increasing interest for life insurance was the introduction of an income tax on certain types of deposits, the interest rates' decrease, as well as the implementation of the domestic economy's de-dollarization policy.

On the other hand, the Ministry of Finance has prepared a number of changes to the legislation which will remove the tax benefits currently granted on exclusive basis when the life insurance or supplementary pension insurance provider is the state owned insurer STRAVITA (75.03% market share).

Find detailed 1H2017 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2017, to be launched on Baden-Baden, Germany, on October 22nd.

Access www.xprimm.com and download the 1H2017 Belarusian insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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