BELARUS: the leader of the insurance market - BELGOSSTRAKH celebrates its 100th anniversary

7 December 2021 —
In December 2021, the leader of the Belarusian insurance market, BELGOSSTRAKH, celebrates its 100th anniversary.

The general director of BELGOSSTRAKH, Sergei YAKUBITSKY, noted that "most people entrust protection of their property and health to our company, as the statistics show. Every second household, every fifth working resident and 60% of the republic's vehicle fleet are insured at Belgosstrakh", BELTA writes.

Sergey YAKUBITSKY also stressed that BELGOSSTRAKH actively supports government initiatives to digitalize insurance services. Thus, among six insurance companies, 60% of customers choose BELGOSSTRAKH to purchase electronic MTPL policies.

The company's CEO noted that the pandemic affected economic performance to a greater extent in 2020. Growth in insurance services has recovered this year from a slowdown in 2020, and gross premiums have reached their previously predicted levels. However, at the same time, the demand for insurance services in the segments related to tourist and transport flows has not yet recovered, since the number of insurance contracts in these segments is below its pre-pandemic level by 70%.

Sergei YAKUBITSKY noted that popularity of voluntary health insurance has grown significantly. GWP in insurance of medical expenses of legal entities has more than quadrupled over the last five-year period. The number of citizens' applications under voluntary health insurance contracts increased by 35.8% in January-September 2021.

2021 is not an easy year, but the company will ensure fulfillment of its development targets. GWP by the end of 2021 will reach about BYN 800 million (~EUR 278 million), and paid claims will reach about 55% of total premiums earned, as stated by the general director of the insurer. The business development targets based on the results for January - September 2021 were met. GWP exceeded the forecasted value by 10.6%. The growth in insurance premiums (117.9%) outstrips the growth in business expenses (111.9%).

"Forecasting the development of insurance activities in the current five-year period, we expect that the volumes of voluntary insurance will increase by at least 1.75 times by the end of 2025," stressed Sergei YAKUBITSKY.