STATISTICS: BELARUS, 3Q2021: level of paid claims in total GWP exceeded 58%

22 November 2021 — Marina MAGNAVAL
For the first 9 months of 2021, total GWP of the insurance sector of the Republic amounted to BYN 1 319.7 million (EUR 451.31 million), which is 20.30% more y-o-y in local currency, according to the data published on the website of the Ministry of Finance.

GWP for voluntary types (life and non-life summed) for the period amounted to BYN 880.6 million, and the share of voluntary insurance in the total market GWP reached 66.7% (vs 63.3% in 9 months of 2020). In the GWP structure of voluntary insurance, property insurance accounts for 50.2%, personal insurance - 41.5%, liability insurance - 5.8%.

Total GWP for mandatory types of insurance in 9 months of 2021 amounted to BYN 439.07 million, while their share in the total market portfolio decreased to 33.3% (from 36.7% a year earlier). In the GWP structure of mandatory insurance, the largest shares belong to liability insurance - 51.3% and personal insurance - 42.9%, while property insurance occupies only 5.8%.

From January to September paid claims of the local insurers amounted to BYN 768.8 million, of which BYN 511.3 million or 66.5% were paid for voluntary insurance, and BYN 257.5 million or 33.5% - for mandatory insurance. At the same time, the level of paid claims in the total market GWP increased to 58.3% (vs 52.7% in 9 months of 2020).

Total amount of insurance reserves as of 01.10.2021 reached BYN 2,596.2 million, of this amount BYN 1,589.8 million are non-life insurance reserves and BYN 1,006.4 million are life insurance reserves (vs BYN 1,384.7 million and BYN 888.0 million, respectively as of 01.10.2020).

Out of 16 insurance organizations in the Republic, BELGOSSTRAKH continues to lead in terms of GWP, occupying over 45% of the market, STRAVITA moved to the fourth position (from the second place a year earlier), PROMTRANSINVEST ranks second, and BELNEFTESTRAKH - third.

Access xprimm.com and download the latest Belarus market insurance statistics.



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