BELARUS: Belarusian association of insurers: MTPL and health insurance are leading the market

27 April 2022 —
MTPL and health insurance continue to lead the market. In 2021 MTPL segment in Belarus reached BYN 206.77 million (+10.2%)/~EUR 71.73 million. Paid claims in the segment amounted to BYN 152.2 million (+15.5%), according to the new edition of "Insurance in Belarus", prepared by the Belarusian Association of Insurers.

Voluntary health insurance continues to grow actively. The number of people who used this type of insurance in 2021 increased by 21.5%. Considering growth of insurance rates, GWP in this segment amounted to BYN 187.9 million (+36%). At the same time, paid claims reached BYN 142.3 million, which is one of the highest levels of paid claims on the market - over 75%.

One of the leading LoB in terms of growth in 2021 was voluntary insurance against accidents and illnesses while traveling abroad. The number of insured people increased by 72.5% at the end of the year. GWP amounted to BYN 38.2 million, and paid claims - BYN 9.9 million.

In the segment of voluntary life insurance and supplementary pension, in 2021 there were 15.8% more contracts than a year ago. The main growth driver was corporate segment, while the segment of individuals decreased by 2.2%. Increased number of customers allowed GWP to rise to BYN 221.6 million (+11.4%), but paid claims also increased, to BYN 159.9 million.

*1 EUR = 2.8826 BYN (December 31st, 2021)