STATISTICS: BELARUS, 1Q2019: market GWP went up by more than 12% y-o-y, while paid claims ratio decreased by 4.6%

30 May 2019 — Marina MAGNAVAL
In 1Q2019, GWP of the Belarusian market amounted to BYN 336.41 million (EUR 140.82 million), 12.30% more y-o-y, data published by the Ministry of Finance, show.

GWP of voluntary classes reached BYN 224.3 million. The share of voluntary insurance in total market GWP reached 66.7% (vs 64.7% a year ago). Personal insurance in the voluntary segment accounted for 41.8%, property insurance for 52.1%, and liability insurance for 6.1%.

In compulsory types, insurers generated BYN 112.1 million in GWP. The share of compulsory insurance in the market portfolio decreased from 35.3% a year ago to 33.3%. Personal insurance in the compulsory segment accounted for 31.6%, property was 10.3%, and liability was 58.1%.

Market paid claims grew by only 2.12% y-o-y, to BYN 156.68 million. For voluntary types, companies paid BYN 90 million, and BYN 66.7 million for compulsory. The paid claims ratio in the 1Q2019 amounted to 46.6% (vs 51.2% a year ago).

Among 15 active insurers, the TOP-3 share in GWP is almost 64%. At the same time, the three leaders remain unchanged - the largest share of the market portfolio belongs to BELGOSSTRAKH (45.27%), followed by PROMTRANSINVEST and BELNEFTESTRAKH. Total market insurance reserves as of 01.04.2019 reached BYN 1.6 billion, of which non-life reserves amount to BYN 1.03 billion, and life insurance reserves to BYN 583.9 million (vs BYN 867.7 million and BYN 467.5 million accordingly as of 01.04.2018).

*1 EUR = 2.3889 BYN (March 31st, 2019)
1 EUR = 2.4032 BYN (March 31st, 2018)

Access account and download 1Q2019 Belarusian insurance market statistics.

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