STATISTICS: BELARUS, 1Q2021: the market grew by more than 18% in BYN, and by more than 10% in EUR

10 June 2021 — Marina MAGNAVAL
In 1Q2021 the Belarusian insurance market grew by 18.15% to BYN 448.86 million (EUR 145.69 million), according to data published by the Ministry of Finance of the Republic. It should be noted that the market also recorded growth in EUR - by 10.42%.

In voluntary insurance GWP of insurers for the period amounted to BYN 324.4 million, and the share of voluntary insurance in the total volume of market premiums increased to 72.3% (vs 68.4% in the first quarter of 2020). Personal insurance in the structure of voluntary premiums accounts for 40.6%, property insurance - 48.5%.

GWP in mandatory types of insurance in the first quarter amounted to BYN 124.5 million, and the share of mandatory insurance in the total market portfolio decreased to 27.7% (vs 31.6% a year earlier). Personal insurance accounts for 34.4% of mandatory premiums, liability insurance - 58.8%.

Market paid claims increased by 30.12% to BYN 249 million. At the same time, voluntary types of insurance accounted for 65.8% of all paid claims, and mandatory - for 34.2%. The level of paid claims in the total GWP increased to 55.5% (vs 50.4% in the first quarter of 2020).

BELGOSSTRAKH remains the leader, holding over 42% of the market. The composition of the TOP-3 has not changed - PROMTRANSINVEST and BELNEFTESTRAKH rank second and third respectively.

Access and download the latest statistical data of the insurance market of Belarus.

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