STATISTICS: BELARUS, 3Q2023: voluntary insurance accounts for 67% of GWP and paid claims

27 November 2023 — Marina MAGNAVAL
STATISTICS:  BELARUS, 3Q2023: voluntary insurance accounts for 67% of GWP and paid claims

For 9M2023, total GWP of the insurance sector amounted to BYN 1,642.75 million (EUR 474.15 million), which is 20.93% more y-o-y, as follows from data published by the Ministry of Finance of the Republic. It is noteworthy that due to significant changes in exchange rates, the market result in euros was negative (-16.38%),

Voluntary insurance amounted to BYN 1,102.60 million, its share in the total market portfolio reached 67.1% (vs 65.5% a year earlier). In the structure of voluntary insurance, the largest shares are taken by personal insurance - 42.1% and property insurance - 49.9%.

Mandatory insurance amounted to BYN 540.15 million. The share of mandatory insurance on the market decreased to 32.9% (from 34.5% a year earlier). The largest shares in the structure of mandatory insurance are taken by personal insurance - 44.6% and liability insurance - 48.1%.

Paid claims of insurers for the period amounted to BYN 963.8 million (EUR 278.18 million), of which voluntary insurance accounted for 67.0%, and mandatory insurance - for 33.0%. The level of paid claims in the total GWP for 9 months of 2023 dropped to 58.7% (vs 65.9% for 9M2022).

Access xprimm.com and download the latest Belarusian insurance market statistics for 3Q2023 in EUR and BYN.


 

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