BELARUS: Imkliva Insurance saw the largest growth in 2022, while Belgosstrakh had the largest growth among state insurers

16 February 2023 —
With an average growth of the insurance market from 2% to 6%, the largest growth in 2022 was recorded by Imkliva Insurance (+36%), while among state insurers, Belgosstrakh had the largest growth rate (+11%).

It should be noted that in monetary terms Belgosstrakh's growth is equal to the growth of all other market players, according to the latest issue of Insurance in Belarus magazine.

Summing up the results of 2022, the authors of the magazine also emphasized growing unprofitability for the main mass types of insurance. Both the number of insured events and the amounts paid grew. Therefore, the insurers had to deal with the consequences of such trends throughout the year - some raised tariffs, others regulated the process of settling losses.

The growth driver was travel insurance against illness and accidents. After interruption caused by the pandemic and closure of borders, this type of insurance demonstrated growth of 34%. Thus, personal insurance regained its leadership position again.

In addition, last year the decision to exclude Belarus from the Green Card system, which will come into force in the summer of 2023, came as a surprise to Belarusian insurers, since they never had any complaints about fulfilling their obligations.