STATISTICS: BELARUS, 1H2021: the market expands by more than 18% y-o-y

7 September 2021 — Marina MAGNAVAL
In 1H2021 GWP of insurance organizations of the republic amounted to BYN 874.7 million (EUR 290.11 million), which is about 18.6% more y-o-y, according to the data published by the Ministry of Finance.

GWP from voluntary types of insurance increased to BYN 585.7 million, while their share in the market portfolio was 67% (vs 64.1% a year earlier). The share of personal insurance in the structure of voluntary types is 42.3%, property insurance - 48.3%, liability insurance - 6.8%.

The share of mandatory insurance in the market GWP decreased to 33% from 35.9% in the first half of 2020. Personal insurance in the structure of premiums of mandatory types accounted for 39.1%, property insurance - 8%, liability insurance - 52.9%.

Paid claims of insurers in the first six months of 2021 increased by more than 33% y-o-y, amounting to BYN 511.5 million (EUR 169.65 million). Of this amount, 66.6% were paid for voluntary types of insurance, and 33.4% - for mandatory insurance. It should be noted that the level of paid claims in the GWP grew to 58.5% (vs 51.9% in 1H2020).

BELGOSSTRAKH remains the unchanged market leader, holding over 44% of the market share, followed by PROMTRANSINVEST and BELNEFTESTRAKH (same as in the first half of 2020). The combined market share of the three leaders is almost 63%.

Access and download the latest Belarus market insurance statistics.

Share |