STATISTICS: BELARUS, FY2021: the market expanded by more than 14% y-o-y (in local currency)

19 April 2022 — Marina MAGNAVAL
In 2021, total GWP of insurers amounted to BYN 1,726.57 million (EUR 598.96 million), which is 14.33% more y-o-y in local currency, according to the data published by the Ministry of Finance of the Republic. It should be noted that due to a significant change in the exchange rate of the Belarusian ruble against euro compared to December 2020, the market result in euro looks more impressive (+25.65%).

Life insurance grew by more than 11% to BYN 221.52 million, although its share in the market portfolio slightly decreased. Growth in non-life insurance almost reached 15% y-o-y, and GWP amounted to BYN 1,505.05 million.

Voluntary insurance classes are growing more dynamically than mandatory ones. The increase in mandatory insurance amounted to only 8.52%.

In January-December 2021, paid claims in the country amounted to BYN 1,065.1 million (EUR 369.49 million), which is 30.73% more y-o-y. Some classes recorded a decrease in paid claims, such as, for example, cargo insurance and Green Card.

Of the 16 insurance companies of the republic, BELGOSSTRAKH is still leaning in terms of GWP (BYN 793.43 million), STRAVITA kept the second position (BYN 141.03 million), PROMTRANSINVEST moved to the fourth one, giving the third to BELNEFTESTRAKH.

Access and download the latest Belarusian insurance market statistics for 2021 in euros and rubles.

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