STATISTICS: BELARUS, FY2022: GWP grew by 6.6%, while assets - by 20%

27 April 2023 —
STATISTICS:  BELARUS, FY2022: GWP grew by 6.6%, while assets - by 20%
In 2022 total GWP of the insurance sector amounted to BYN 1,840.1 million (EUR 631.13 million), which is 6.6% more y-o-y, according to data published by the Ministry of Finance of the Republic.

Mandatory insurance grew to BYN 656.4 million, and in the total portfolio occupied 35.7% (vs 35.8% in 2021). The largest share in the segment belongs to personal insurance - 49.2% of GWP generated by mandatory classes.

Voluntary insurance in 2022 amounted to BYN 1,183.7 million (life and non-life summed). The share of voluntary insurance in the total portfolio reached 64.3% (in 2021 - 64.2%). The largest classes in voluntary insurance are personal insurance (45.1%) and property insurance (47.1%).

Paid claims in 2022 amounted to BYN 1,235.12 million (EUR 423.63 million), which is 16% more y-o-y. Of this total amount, voluntary insurance accounts for 69.1%, mandatory insurance - 30.9%. Compared to 2021, the level of paid claims in total GWP increased to 67.1%

In 2022, 10,178.2 thousand insurance contracts were concluded, which is 4.4% more than in 2021.

Total amount of insurance reserves formed by insurance organizations of the republic, as of December 31, 2022, amounted to BYN 2,984.3 million (+11.9%). Assets amounted to BYN 6,046.6 million (+20.4%). Total equity amounted to BYN 1,982.1 million, charter capital - BYN 1,385.5 million, or 69.9% of total equity.

As of December 31, 2022, 16 insurance companies were operating in the insurance market of the Republic of Belarus (of which 3 provide voluntary life and additional pension insurance, 1 works exclusively in reinsurance), the Ministry of Finance says.

Access and download the latest Belarus insurance market statistics for 2022 in BYN and EUR.