In 2023, total GWP of insurance organizations amounted to BYN 2,215.8 million (EUR 626.60 million), which is 20.42% more y-o-y, according to data published by the Ministry of Finance of the Republic of Belarus.

Voluntary insurance reached BYN 1,452.4 million. In 2023, there was more rapid growth in voluntary insurance compared to mandatory insurance. As a result, the share of voluntary insurance in the total portfolio amounted to 65.5% (in 2022 – 64.3%). Mandatory insurance amounted to BYN 763.4 million. The share of mandatory insurance in the total market is 34.5%.

In 2023, 10,641.8 thousand insurance contracts were concluded, which is 4.6% more y-o-y.

Total paid claims in the republic amounted to BYN 1,303.85 million (EUR 368.70 million), which is 5.56% more y-o-y. Of that amount voluntary insurance accounts for 67.2%, mandatory – 32.8%. The payout ratio in 2023 decreased by 8.3 p.p. y-o-y and amounted to 58.8%.

At the end of 2023, total insurance reserves of the republic amounted to BYN 3,592.5 million, which is 20.4% more y-o-y. Total assets of the insurance sector reached BYN 6,762.6 million (+11.8%).

Access xprimm.com and download the latest Belarusian insurance market statistics for 2023 in EUR and BYN.