STATISTICS: BELARUS, FY2019: over 60% of all paid claims came from voluntary insurance lines

14 May 2020 — Marina MAGNAVAL
In 2019, the GWP of the Belarusian market amounted to BYN 1,403.4 million (~EUR 596.6 million), which is almost 14.5% more y-o-y in local currency. It's worth noting that the market growth rate remained mainly at the same level as a year before (+14.6% in 2018), maintaining its upward trajectory, the latest data from the Ministry of Finance of the Republic show.

The market noted the trend of outstripping growth in the voluntary segment, the share of which increased by 2.9 p.p. to 61.3% in the market portfolio (vs 58.4% in 2018 and 56.6% in 2017). Among the voluntary insurance classes, the largest shares fall on personal insurance (42.3%), property insurance (51%), liability (5.2%) and others. The market share of mandatory insurance amounted to 38.7% (vs 41.6% a year ago).

Total insurance paid claims reached BYN 710.6 million (EUR 302.07 million), which is about 14% more y-o-y. At the same time, voluntary insurance accounted for 60.3% of total paid claims, while mandatory - for 39.7%.

BELGOSSTRAKH remains the market leader with a share exceeding 46%. TOP-3 companies in terms of GWP include STRAVITA, which ranks 2nd, but also leads in life insurance, and PROMTRANSINVEST.

*1 EUR = 2.3524 BYN (December 31st, 2019)

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