STATISTICS: BELARUS, FY2014: Market up by 10.14% in local currency despite the challenging economic environment

In 2014 Belarusian insurers received insurance premiums for direct insurance and coinsurance in the amount of BYR 7.3 trillion, 10.14% more as compared with January-December 2013 (BYR 6.6 trillion).

Last year economy saw an inflation rate of 16.2%, while the national currency witnessed a strong devaluation against the USD (24%) and EUR (9.9%) as compared with December 2013, introducing important currency effects on the companies' results denominated in foreign currencies. Thus, the overall GWP stood at EUR 508.96 million, up only 0.18% y-o-y.

In the analyzed period, life insurance segment recorded a significant growth due to the bancassurance system, the GWP volume increasing, in local currency, by 31.02%.

Last year, two insurance companies left the local market: MEGA Polis and ROSGOSSTRAH. In case of MEGA Polis, its license was revoked by the regulator on October 17, 2014. And, since October 7, 2014 the Ministry of Finance of Belarus revoked the license of ROSGOSSTRAKH for insurance activities on the local market. ROSGOSSTRAKH Belarus, a subsidiary of ROSGOSSTRAKH Russia, has applied for license suspension on its own initiative.

Access and download the FY2014 Belarusian insurance market statistics.

Market portfolio (in EUR and BYR):
  • GWP
  • Claims
  • Growth rates
  • Life and Non-Life market rankings
  • 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.


BELARUS: 5 months' result demonstrated 16.6% market growth

Belarusian insurance market bottom-lined 5 months' result show this year GWP amounted to BYN 508.8 million* and the growth rate, compared to the same period last year, amounted to 16.6%, informed the Ministry of Finance of the Republic on its official website.


BELARUS: Belarusian insurance market is expecting liberalization and changes

The planned changes in the local insurance sector will affect life insurance. Besides, the market is expecting liberalization, correction of working conditions and development of online insurance, said the Head of the insurance supervisory main department at the Ministry of Finance of Belarus - Sergey OSENKO during his interview for BELTA (Belarusian information agency).



Lloyd's of London announced new members to the Council

Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member.



Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all