STATISTICS: BELARUS, 3Q2015: Claims increased five times against premiums. 5 insurers have left the market

In the first nine months, the Belarusian insurance market increased by 10.5% in the local currency. The devaluation of the Belarusian Ruble (BYR) against USD by 67% and 50% against EUR directly affected the volume of business and welfare of the citizens. As a result, insurance market decreased by 25.52% in European currency

Concurrently, paid claims went up by 47.13% and totaled EUR 3,450 billion in the first nine months of 2015. Another important trend of the current year is the interdiction (from March 1st, 2015) of the insurance companies to accept premiums from individuals in foreign currency. An exception was made for two insurance companies engaged in life insurance, including supplementary pension insurance.

Also, five insurance companies have left the market due insufficient capital in order to meet the legal requirements. Thus, in accordance with the amendments to the current legislation, the requirements for the minimum authorized capital of insurance organizations were raised from EUR 1 million to EUR 5 million (the equivalent in BYR). For the operating insurance companies is planed a gradual increase of the minimum authorized capital till May 1st, 2017.

Access www.xprimm.com and download the 3Q2015 Belarusian insurance market statistics.

Market portfolio (in EUR and BYR):

  • GWP
  • Claims
  • Growth rates
  • Market ranking
  • Market shares

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

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