BELARUS: 2020 was a difficult and unpredictable year for insurers, but at the same time ended well

22 March 2021 —
In 2020, the insurance sector was no exception among the sectors of the Belarusian economy affected by COVID. According to ASOBA company, the most vulnerable types of insurance were such products as Green Card policies and voluntary insurance against accidents and illnesses for travelling abroad, which are the most profitable, writes the magazine Insurance in Belarus.

In the second half of 2020, banks were one of the most effective channels for promoting insurance products, such as voluntary insurance of property of legal entities and civil liability, voluntary insurance against accidents, etc. Difficult conditions also stimulated interest in voluntary health insurance, explained ASOBA.

STRAVITA company noted that 2020 has become one of the most difficult and most interesting year for the company's branches in the last 15 years. TASK believes that 2020 was a "test of strength", but it turned out quite well, pushing the market to work more actively online, to develop voluntary types of insurance, and give prompt responses to new circumstances.

For INGOSSTRAKH, 2020 was a quite good year with a slight increase in premiums and an average loss ratio. BELNEFTESTRAKH emphasized that 2020 motivated the introduction of new insurance products on the market and the modification of existing ones, as well as expansion of sales channels. BELNEFTESTRAKH is one of the leaders in the insurance market of Belarus and in 2021 celebrates 25 years of work in the industry.

2020 was a productive year for KUPALA company. The fall in premiums in insurance against accidents and illnesses for travelling abroad, which until 2020 generated a major part of its portfolio, motivated the company to look for new ways of development. For PROMTRANSINVEST, 2020 ended even better than 2019, with an increase in all key indicators. The company entered several new segments on the market and expanded its client portfolio.

The BELEXIMGARANT company noted that 2020 forced policyholders to look at insurance of medical expenses in a new way. The branch of the company in Grodno managed to increase the volume of this insurance type, expanding the number of enterprises and insured persons by 30%.