STATISTICS: BELARUS, 3Q2020: The market expanded by 6.43% y-o-y

3 December 2020 —
STATISTICS: BELARUS, 3Q2020: The market expanded by 6.43% y-o-y
For 9 months of 2020, GWP of the Belarusian insurance market amounted to BYN 1.09 billion (~EUR 355.72 million*), which is 6.43% more y-o-y in local currency. At the same time, paid claims increased by 12.25% to BYN 577.79 million, according to the data published by the Ministry of Finance of the Republic.

GWP of voluntary insurance types, including life insurance, for the three quarters of 2020 reached BYN 694.2 million. The growth of voluntary types allowed them to expand their share in the market portfolio to 63.3% from 62.6% in 9 months of 2019. Property insurance dominates in the structure of voluntary premiums (50.3%).

Mandatory insurance GWP at the end of September 2020 amounted to about BYN 402.8 million, with a slight decrease of its share in the market portfolio to 36.7%. The biggest part in mandatory insurance GWP came from liability insurance (49.8%).

Out of 16 companies, operating in the insurance market of Belarus, BELGOSSTRAKH remains the leader in terms of GWP (46% market share). In the TOP-3 group, if compared to the same period last year, there was a change of the other two leaders - STRAVITA moved up to the second position, shifting PROMTRANSINVEST to the third place.

* for the following exchange rate:
1 EUR = 2.2651 BYN (September 30th, 2019)

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