STATISTICS: BELARUS, 1Q2016: Local market maintained its positive evolution despite the currency devaluation's negative impact

According to data published by the Ministry of Finance of Belarus, in the first quarter of 2016 the local insurance market reached to BYR 2,349,922.06 million, up by 24.94%. To main driver of the positive market evolution was the life insurance segment, which increased by 63.94%, while non-life insurance went up by 22.18%.

In European currency, due to the local currency devaluation, the market figures show a quite different trend in GWP terms: EUR 103.16 million or 12.41% less y-o-y.

In the reporting period, claims paid by local insurers increased by 19.41%, to BYR 1,186,794.52 million, of which BYR 100,583.24 million were life indemnities and BYR 1,086,211.28 million - paid claims related to non-life sub-classes.

Access www.xprimm.com and download the 1Q2016 Belarusian insurance market statistics.

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

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