For the period from January to July 2024, the insurance market in Belarus amounted to BYN 1,491.5 million (~EUR 0.42 billion), as reported by the Ministry of Finance of the Republic of Belarus. It is noted that the market grew by 16.4% y-o-y.

In voluntary insurance collected GWP reached BYN 997.8 million over the period, which is BYN 141.6 million more than a year earlier.

GWP in mandatory insurance amounted to BYN 493.7 million, which is BYN 68.5 million more than in the same period of 2023.

The share of voluntary insurance in the total market portfolio remained virtually unchanged and amounted to 66.9% (vs 66.8% for January-July 2023).

In January-July 2024, paid claims in the republic reached BYN 832.4 million, which is BYN 85.3 million (~EUR 235.14 million) more y-o-y. The level of paid claims in the total amount of premiums slightly decreased and amounted to 55.8% (for January-July 2023 - 58.3%), the Ministry added.

*EUR 1 = BYN 3,54 (as of July 31)