STATISTICS: Belarus 1Q2018: y-o-y GWP growth rate of 18%, voluntary classes are increasing

During Q1 2018 GWP of Belarusian insurers from direct insurance and co-insurance amounted to BYN 299.6 million. GWP growth rate for the first 3 months compared to the same period a year ago was 18%.

Voluntary life and non-life classes together in Q1 2018 generated BYN 193.7 million of premiums. The weight of the voluntary classes in GWP is 64.7% (in Q1 2017 it was 62.5%). Among the voluntary classes the biggest contribution to GWP was made by property insurance, life insurance and insurance of business risks.

GWP of compulsory classes for the Q1 2018 amounted to BYN 105.9 million. The weight of compulsory classes in total market is 35.3% (vs 37.5% in Q1 2017). More premiums of the compulsory segment were produced by MTPL (+19.6%), accidents at work and occupational diseases (+16.1%) and Green Card (18.32%).

Paid claims in Q1 2018 in the Republic reached BYN 153.4 million, from which the share of voluntary classes is 60.3% (BYN 92.5 million) and the share of compulsory - 39.7% (BYN 60.9 million). The weight of claims in total market for the Q1 amounted to 51.2% (vs 49.0% a year before).

The biggest share of the market in terms of GWP is owned by BELGOSSTRAKH (45.3%). For the Q1 the market leader generated 22% premiums more than in Q1 2017, at that the insurer's paid claims jumped by 26%. Among 19 active insurance companies TOP-5 also include PROMTRANSINVEST (~10%), BELNEFTESTRAKH (8%), BELEXIMGARANT (~8%) and TASK (7.39%).

Access http://xprimm.com/ and download Belarusian Q1 2018 market figures.

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