STATISTICS: Belarus, FY2017: insurers' profit increased by 45%

In 2017 GWP of Belarusian insurance companies amounted to BYN 1.05 billion (EUR 446 million), 6.4% more y-o-y. GWP ceded in reinsurance reached BYN 1.03 billion (EUR 437million) against BYN 0.98 billion in 2016, thus 6% increase in 2017.

Voluntary insurance classes in 2017 produced BYN 605.6 million (EUR 257 million) which is BYN 63.5 million more than in 2016. On the other hand, compulsory insurance classes in 2017 produced BYN 445.2 million (EUR 189 million) which is BYN 0.6 million less than in 2016. Thus, voluntary insurance has 57.6% share in Belarusian GWP (against 54.9% in 2016).

Total claims of Belarusian market in 2017 amounted to BYN 532.3 million (EUR 226 million) which is BYN 8.5 million less than in 2016. Claims ratio in 2017 reached 50.7% against 54.7% in 2016. Reinsurance claims amounted to BYN 535.32 million (EUR 227 million) which is almost at the same level as in 2016 (BYN 535.33 million).

In terms of profit in 2017 Belarusian insurance companies produced BYN 190 million (EUR 80 million) of gross profit against BYN 130.6 million in 2016, thus 45% increase in nominal terms.

In 2017 Belarusian insurance companies transferred BYN 137.7 million (EUR 58.5 million) to the budget and non-budget funds (against BYN 111.7 million in 2016), among them in 2017 BYN 88.6 million (EUR 36.8 million) for taxes and non-tax payments to the budget, BYN 49.1 million (EUR 20.9 million) to non-budget funds (against BYN 65.6 million and BYN 46.1 million in 2016 respectively).

Belarusian insurance market is represented by 22 companies, 3 of them showed in 2017 only loss figures (BAGACH and MEGA Polis are in process of liquidation; insurance license of PENSIONNIE GARANTIY was suspended). Leaders of the Belarusian insurance market in view of GWP are BELGOSSTRAKH, EXIMGARANT of BELARUS, BELNEFTESTRAKH, the life insurer STRAVITA and TASK. Total number of employees in the Belarusian insurance market slightly decreased: 8,998 persons against 9,075 in 2016 mainly due to liquidation of some insurance companies.

Access www.xprimm.com and download the FY2017 Belarusian insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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