At the end of 2024, the insurance sector of Belarus amounted to BYN 2,616.99 million (EUR 722.01 million), which is 18.10% more y-o-y, according to data published by the Ministry of Finance of the Republic of Belarus.

Voluntary insurance in 2024 amounted to BYN 1,723.1 million. Last year there was an outpacing growth in premiums for voluntary insurance compared to mandatory insurance. As a result, the share of voluntary insurance in the total portfolio of insurers reached 65.8%.

In the structure of voluntary insurance, personal insurance accounts for 39.7%, property insurance - 52.2%, liability insurance - 4.0%, comprehensive insurance - 4.1%.

Mandatory insurance in 2024 amounted to BYN 893.9 million. The share of mandatory insurance in the market is 34.2%. In the structure of mandatory insurance, personal insurance accounts for 50.7%, property insurance - 5.0%, and liability insurance - 44.3%.

In 2024, 10,927.4 thousand insurance contracts were concluded in Belarus, which is 2.7% more y-o-y.

Total paid claims in 2024 amounted to BYN 1,511.04 million (EUR 416.88 million), which is 15.89% more y-o-y. Of the total amount, voluntary insurance accounts for 68.8%, and mandatory insurance - 31.2%. The ratio of paid claims in total GWP at the end of 2024 decreased by 1.1 percentage points compared to 2023 and amounted to 57.7%.

The assets of insurance organizations in 2024 increased to BYN 7,574.2 million (+12.0%). As of December 31, 2024, the equity capital of the insurance sector amounted to BYN 2,186.1 million, having increased by BYN 126.9 million compared to 2023. Total charter capital was BYN 1,492.8 million, or 68.3% of the insurers' equity capital.

At the end of 2024, 16 insurance organizations operated on the insurance market of Belarus (3 of which offer voluntary life insurance, 1 organization works exclusively in reinsurance).

Access xprimm.com and download the latest Belarusian insurance market statistics for FY2024 in EUR and BYN.