The share of voluntary insurance in the market portfolio increased from 60% a year ago to 62.7%, GWP of voluntary classes reached BYN 432.7 million. Life insurance saw an increase by almost 31% in local currency (to BYN 76.92 million/EUR 33.08 million). Significant growth was also recorded in medical expenses insurance (+28.67%), insurance of property of legal entities and individuals among the biggest voluntary non-life classes.
GWP of mandatory types amounted to BYN 257.23 million (EUR 110.63 million). At the same time, their market share decreased from almost 40% a year ago to 37.29%.
The level of paid claims in total GWP for the first half of 2019 decreased from 50.3% to 48.4%.
The market leader in terms of GWP is BELGOSSTRAKH (BYN 321.35 million), which occupies more than half of the market. It is followed by PROMTRANSINVEST with a share of just over 10% and BELNEFTESTRAKH (8.80%). Of the two active life insurers, 70.31% of the sector is occupied by STRAVITA, while PRIORLIFE in the first six months showed impressive growth (+58.65%).
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- Belarus 1H2019 Market portfolio and life/non-life ranking (in EUR and BYN):
- Paid claims
- Growth rates
- Market shares