The insurance sector of Belarus ended the first half of the year with growth of 4.43% in local currency. GWP reached BYN 913.44 million (EUR 343.01 million), according to the data published by the Ministry of Finance of the Republic.

Life insurance grew three times faster than non-life insurance. However, non-life insurance continues to dominate the market portfolio with almost 87%. The share of voluntary types of insurance in the total GWP is 65.8% (vs 67% a year earlier). In the structure of voluntary premiums, personal insurance accounts for 47.2%, property insurance - 43.8%, liability insurance - 5.4%.

Mandatory types of insurance for the first half of 2022 amounted to BYN 312.1 million, of which personal insurance accounts for 40.8%, property insurance - 9.2%, and liability insurance - 50%. The share of mandatory insurance in the total market portfolio increased slightly, to 34.2% (vs 33% in 1H 2021).

In the first half of 2022, paid claims in Belarus amounted to BYN 608.75 million, of which 68.7% were for voluntary insurance, and 31.3% - for mandatory insurance. The level of paid claims in the total GWP amount reached 66.6% (vs 58.5% a year earlier for the same period).

Access xprimm.com and download the latest Belarusian insurance market statistics for 1H2022.