2022 was not an easy year for the Belarusian insurance sector, the market growth was about 5%, which is the lowest in the last decade. At the same time, some insurance companies saw growth from 10 to 30% y-o-y. Others, on the contrary, recorded a drop in growth, as Irina MERZLYAKOVA General Director Belarusian Association of Insurers said.

Also last year the insurance sector recorded large payments, growth of paid claims reached 16%, many insurers had large losses, especially in Motor Hull, MTPL and health insurance. On average, in 2022, Belarusian insurers paid about USD 1,300,000 per day, which is also a record figure in the history of the Belarusian market.

In Belarus state insurers carry out compulsory types of insurance and can insure property of state enterprises, while this is prohibited for private insurance companies. "Accordingly, at the end of 2022, state insurers achieved a more stable result, in general, their growth was higher than that of private businesses. Speaking about private insurers, I'd say there were significant fluctuations in their results: the largest increase was recorded at the level of 32%, the largest drop in premiums - at the level of -16%. In the state insurance sector, everything was much more stable. The life insurance sector, unfortunately, did not record any growth", Irina MERZLYAKOVA explained.

The highest growth was recorded by travel insurance (+34%). This is primarily because covid restrictions were lifted and people began to travel more. Other types of insurance either remained at the same level or increased insignificantly. As for paid claims, their level in insurance of medical expenses and Motor Hull has risen sharply. In voluntary health insurance the number of applications to medical clinics and visits to doctors increased, which, of course, affected growth of paid claims. In Motor Hull the number of paid claims even decreased, but the amount increased due to a sharp up-trend in prices for spare parts, General Director of the Belarusian Association of Insurers added.

The main difficulties, according to Irina MERZLYAKOVA, are associated with high level of unprofitability for popular types of insurance. Despite this, the downward trend in tariff rates continued. By the end of the year, the situation improved somewhat. One of the main legislative initiatives was adoption of legislation on occupational pension, which allowed employees and employers to co-finance employees' supplementary pensions.