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.

Share |

Related articles

BELARUS: GWP y-o-y growth for January-July exceeded 15%

For the period of January-July 2018 Belarusian insurers generated BYN 705.2 million* of GWP (direct insurance and co-insurance). Annual growth of premiums (compared to the same period in 2017) amounted to 15.2%, as reported by the Ministry of Finance of the Republic.

2018-09-11

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all