BELARUS, 3Q2012: Insurance market has doubled y-o-y

Belarusian insurance market totaled BYR 3,566 billion for the first nine months of 2012, informed the Belarusian Association of Insurers, 98.5% more compared with January-September 2011. Calculating in the European currency, due the devaluation of BYR in relation to EUR, the insurance market shows a less pronounced increase: EUR 324 million, up 38% y-o-y.

In terms of paid claims, the Association reports a 65.7% y-o-y increase, the 24 market players' paying almost BYR 1,676 billion (EUR 152 million).

At the same time, the net profit for the insurance companies was BYR 431.6 billion (EUR 39.3 million), 7% less y-o-y. Including the financial figures reported by the domestic reinsurer - BELARUS Re, the net profit of the market totaled BYR 500.5 billion (EUR 45.5 million).

Non-life insurance premiums accounted for 95.3% of the total insurance premiums (BYR 3,398 billion), while the life insurance segment accounted for the remainder of the market (BYR 167 billion).

As in previous periods, the absolute market leaders were the same state-owned insurers: In the general insurance segment, the leader of the market was still BELGOSSTRAKH (52.3% market share), while in the life insurance segment, the first position was held by STRAVITA (73.2% market share).

BELGOSSTRAKH was founded in 1921 and became the state insurance company following the independence of Belarus in 1991. STRAVITA, which was founded in 2002, provides only life insurance services and is a subsidiary of BELGOSSTRAKH.

Access www.xprimm.com and download the 3Q2012 Belarusian insurance market statistics.

Market portfolio (in EUR and BYR):
  • Gross written premiums
  • Paid claims 
  • Growth rates
Market rankings - in EUR and BYR (GWP/Paid claims/Market shares/Growth rates):
  • All insurance lines ranking
  • Life insurance ranking
  • Non-life insurance ranking

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