BELARUS, 1Q2018: GWP increase by 18% y-o-y

In 1Q2018 Belarusian insurers generated GWP of direct insurance and co-insurance in the amount of BYN 299.6 million (~EUR 125 million), which is 18% more than a year before, - informed the Ministry of Finance of the Republic.

GWP of voluntary classed amounted to BYN 193.7 million (~EUR 80.6 million), 22.6% more than for the 1st quarter 2017. Compulsory classes saw the growth of 11.4% with GWP of BYN 105.9 million (~EUR 44 million). The share of voluntary insurance in the market portfolio increased from 62.5% to 64.7%.

Paid claims for the 1st quarter also grew by 23.2% to BYN 153.4 million (~EUR 63.8 million). Claims share in total premiums on y-o-y basis jumped from 49% to 51.2% compared to the 1st quarter 2017.

In terms of GWP the market leaders for the 1st quarter are BELGOSSTRAKH, PROMTRANSINVEST, and BELNEFTESTRAKH. In terms of paid claims - BELGOSSTRAKH, BELEXIMGARANT and TASK.

As of the end of March 2018 the Belarusian insurance market is represented by 22 insurance companies.

*EUR 1 = BYN 2.4032 (01.04.2018, National Bank of Belarus)

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