In the GWP structure of voluntary insurance, personal insurance accounts for 42.1%, property insurance - 50.9%, liability insurance - 4.9%, complex insurance - 2.1%, the Ministry noted. The main growth drivers were such types of voluntary insurance as insurance of export risks with the state support, life insurance, insurance of vehicles of legal entities, and medical expenses.
GWP of mandatory insurance amounted to BYN 569.9 million. At that mandatory insurance accounts for 37.74% of the total market. In the GWP structure of mandatory insurance, personal insurance accounts for 44.7%, property insurance - 7.6%, liability insurance - 47.7%.
Source: Ministry of Finance of Belarus
It is worth noting that the penetration of insurance in GDP from 2018 to 2020 remained almost unchanged (1% in 2018, 1.04% in 2019 and 1.03% in 2020).
Paid claims of insurers in 2020 reached BYN 814.71 million, which is 14.65% more y-o-y. Of this amount, voluntary insurance accounted for 61.4%, while mandatory - for 38.6%. The level of paid claims in the total market GWP in 2020 increased by 3.3 p.p. y-o-y to 53.9%.
At the end of 2020, total cost of doing business of insurers amounted to BYN 332.4 million (+3.3%). The share of business expenses in the total GWP amount slightly decreased, to 22.0%.
In 2020, GWP for risks accepted for reinsurance amounted to BYN 139.6 million (+33.7%), while GWP for risks ceded to reinsurance decreased to BYN 115.6 million (-3.1% y-o-y).
Source: Ministry of Finance of Belarus
As of 01.01.2021, total amount of insurance reserves reached BYN 2,386.6 million, which is 29.7% more than in 2019. The assets of insurers also grew by 21.0% to BYN 4,699.6 million. The equity capital increased over the past year to BYN 1,833.7 million, at that charter capital accounts for 71.5% of the equity capital of insurers. The profit before tax in 2020 increased 2.6 times compared to 2019 (to BYN 207.2 million).
As of 01.01.2021, 16 insurance organizations (of which one is providing exclusively reinsurance) and 26 insurance brokers carried out insurance activities in Belarus. In the non-life sector, BELGOSSTRAKH continues to lead, occupying more than half of this market, and of the two life insurers, the biggest portion of premiums was generated by STRAVITA.
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