STATISTICS: BELARUS, 1H2019: life insurance increased by almost 31% y-o-y

29 August 2019 — Marina MAGNAVAL
In the first half of 2019, GWP of the Belarusian market amounted to BYN 689.9 million (EUR 296.72 million), which in local currency is 13.63% more y-o-y. At that, paid claims increased by only 9.16%, to BYN 333.56 million (EUR 143.46 million), data published by the Ministry of Finance show.

The share of voluntary insurance in the market portfolio increased from 60% a year ago to 62.7%, GWP of voluntary classes reached BYN 432.7 million. Life insurance saw an increase by almost 31% in local currency (to BYN 76.92 million/EUR 33.08 million). Significant growth was also recorded in medical expenses insurance (+28.67%), insurance of property of legal entities and individuals among the biggest voluntary non-life classes.

GWP of mandatory types amounted to BYN 257.23 million (EUR 110.63 million). At the same time, their market share decreased from almost 40% a year ago to 37.29%.

The level of paid claims in total GWP for the first half of 2019 decreased from 50.3% to 48.4%.

The market leader in terms of GWP is BELGOSSTRAKH (BYN 321.35 million), which occupies more than half of the market. It is followed by PROMTRANSINVEST with a share of just over 10% and BELNEFTESTRAKH (8.80%). Of the two active life insurers, 70.31% of the sector is occupied by STRAVITA, while PRIORLIFE in the first six months showed impressive growth (+58.65%).

Access and download 1H2019 Belarusian insurance market statistics.

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