STATISTICS: BELARUS, 3Q2019: over 60% of the paid claims fell on voluntary classes

19 December 2019 —
STATISTICS: BELARUS, 3Q2019: over 60% of the paid claims fell on voluntary classes
Market GWP for 9 months of 2019 amounted to BYN 1.03 billion (EUR 455.06 million*), in local currency translating in an almost 13.70% increase y-o-y, as the data published by the Ministry of Finance of the Republic show.

The share of life insurance in the market portfolio increased from 9.90% to 12.14% due to a much prominent increase in life GWP (+51.0% y-o-y) compared to non-life GWP increase (+18.7%).

Among the non-life voluntary classes, rather high GWP growth rates were seen in medical expenses insurance (almost +32%) and in insurance of property of legal entities and individuals (+17% and +12%), while a decrease in GWP was observed in insurance of business risks (-23.76%). GWP of mandatory non-life insurance increased to BYN 385.75 million (EUR 170.30 million*), and its share in total market GWP decreased to 37.42% (vs 40% a year ago).

Paid claims grew by 15%, to BYN 514.75 million (EUR 227.25 million*). Most of them were paid by insurers in the non-life sector (BYN 462.74 million). The distribution of the total market paid claims between voluntary and mandatory segments was 60.1% for voluntary types and 39.9% for mandatory insurance. The ratio of paid claims in the total GWP remained almost unchanged - 49.9% (vs. 49.4% for 9 months of 2018).

In terms of GWP, BELGOSSTRAKH (BYN 475.52 million) led the market, with a market share of 46.13%. TOP-5 of 16 active insurers included PROMTRANSINVEST, STRAVITA, BELNEFTESTRAKH and TASK.

*1 EUR = 2.2651 BYN (September 30th, 2019)

Access and download 3Q2019 Belarusian insurance market statistics - GWP, paid claims, growth rates, market shares (in EUR and BYN).