STATISTICS: BELARUS, 1H2020: Growth of paid claims more than twice outpaced GWP growth

17 September 2020 — Marina MAGNAVAL
STATISTICS: BELARUS, 1H2020: Growth of paid claims more than twice outpaced GWP growth
The insurance market of Belarus completed 1H2020 with an increase of 6.93%, GWP amounted to BYN 737.7 (~EUR 272.8 million*). At the same time, the growth rate of paid claims has outpaced GWP growth by more than two times (+14.86%), according to the data, published by the Ministry of Finance of the Republic.

It should be noted that although the market grew in national currency y-o-y, in European currency the result for the first half of the year was negative (-8.04%) due to depreciation of the Belarusian ruble against euro.

The share of voluntary insurance types in the market portfolio increased to 64.1% (vs 62.7% a year ago). GWP of voluntary insurance amounted to BYN 472.8 million. The largest part was collected under property insurance. At the same time, the share of mandatory insurance in total GWP decreased to 35.9% from 37.3% a year ago. The largest part of mandatory GWP came from liability insurance (almost 55%).

Paid claims in 1H2020 reached BYN 383.1 million (EUR 141.7 million). At the same time, almost 60% of paid claims were made under voluntary insurance, and about 40% of claims were paid in the mandatory segment. The level of paid claims in total GWP increased to 51.9% (vs 48.4% in 1H2019).

The market share of the leader, BELGOSSTRAKH, remained practically unchanged - the company occupies almost 53% of the non-life sector. PROMTRANSINVEST and BELNEFTESTRAKH keep 2nd and 3rd places, respectively. Out of 13 non-life insurance companies, the highest growth rate in the period was recorded by INGOSSTRAKH, while IMKLIVA Insurance saw the largest drop in volumes. The life insurance sector is represented by only two companies. The leading position here is occupied by STRAVITA.

* for the following exchange rate:
1 EUR = 2.7036 Ruble - BYN (June 30th, 2020)

Access and download the latest Belarusian insurance market statistics.

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