In January-June 2023, total GWP of the insurance sector of the republic amounted to BYN 1,097.74 million (EUR 331.66 million), which indicates an increase of 20.18% y-o-y in local currency, according to data published by the Ministry of Finance of Belarus. While in euros the market result was negative (-3.31%).

In voluntary insurance insurers generated BYN 744.38 million, which is BYN 143.06 million more than in 1H2022. Mandatory insurance in the first half of the year reached BYN 353.36 million, which is BYN 41.24 million more y-o-y.

The share of voluntary insurance in the total market portfolio is 67.8% (vs 65.8% in January-June 2022).

Total paid claims for January-June 2023 grew by only 6.18%. At the same time, the level of paid claims in the total amount of premiums in the reporting period decreased to 58.9%, from 66.6% a year earlier.

Access xprimm.com and download the latest Belarusian insurance market statistics for 1H2023 in EUR and BYN.