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 In case of MEGA Polis, its license was revoked by the regulator on October 17, 2014.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 www.xprimm.com and download the FY2014 Belarusian insurance market statistics.
Market portfolio (in EUR and BYR):
- Growth rates
- Life and Non-Life market rankings
- Market shares