BELARUS, 1H2012: The market continues its fast rise

13 September 2012 — Vlad BOLDIJAR
BELARUS, 1H2012: The market continues its fast rise
belarus-statisticsAccording to results published by the Belarusian Association of Insurers, in 1H2012, total premiums in the insurance market rose in local currency by over 120% year-on-year to BYR 1,966 billion. In European currency, due the devaluation of BYR in relation to EUR, the insurance market shows a moderate increase in terms of GWP: EUR 189.7 million, up 52.92% compared to 1H2011.

The claims paid by profile companies reached over BYR 968 billion, up by 82% compared to 1H2011, and representing approximately 50% of total GWP.

Analyzing the financial figures in local currency, the underwritings volume of the life insurance segment grew by 83.8%, up to BYR 86.78 billion, and on the non-life insurance segment - by 123.84%, reaching BYR 1,880 billion.

In the same time, the gross profit in the first six months of this year for the players in the insurance market was BYR 355.8 billion (EUR 34.3 million), while the net profit of the market was BYR 295.9 billion (EUR 28.5 million).

In 1H2012, 25 players operated in the Belarusian insurance market, four of these specialized on life segment, twenty non-life insurers and one exclusive reinsurance company (BELARUS Re).

The market leader is BELGOSSTRAKH (49.3% of total), which is followed by TASK and PromTransInvest with shares of 8.7% and 7.5%, respectively. The insurance concentration by total GWP of the first 3 companies decreased from 66.4% in 1H2011 to 65.6% at the end of June, 2012.

As far as the net profit is concerned, BELGOSSTRAKH is the leader with a BYR 83.3 billion (EUR 8 million) profit. The top is completed by the life insurer STRAVITA with BYR 55.5 billion (EUR 5.4 million) and the reinsurer BELARUS Re with net income amounted to more than BYR 35.1 billion (EUR 3.4 million).

Access www.xprimm.com and download the 1H2012 Belarusian insurance market statistics.

Market portfolio (in EUR and BYR):

  • Gross written premiums
  • Paid claims 
  • Growth rates
Market rankings - in EUR and BYR (GWP/Paid claims/Market shares/Growth rates):
  • All insurance lines ranking
  • Life insurance ranking
  • Non-life insurance ranking

3560 views