BELARUS, 3Q2013: 54% growth rate and ready for change

The Belarusian insurance market totaled BYR 4,834,398 million for the first nine months of 2013, informed the Belarusian Association of Insurers, 54.29 % more compared with January-September 2012. Calculating in the European currency, the insurance market has accounted for EUR 394.64 million, up 38.42% y-o-y.

Meanwhile, the total value of claims paid by the insurance companies during January- September 2013 reached BYR 2,001,562 million or EUR 163.39 million.

In 3Q2013, premiums from life insurance reached BYR 242,552 million (EUR 19.80 million) or 5.02 % of total market. In the reporting period, non-life insurance premiums accounted for 94.98% of the total insurance premiums (BYR 4,591,845 million).

In 3Q2013, the market leader was BELGOSSTRAKH (46.76% of total), which was followed by TASK and EXIMGARANT OF BELARUS with shares of 7.93% and 7.86%, respectively.

Belarus: Set the course for development

In the Belarusian legislation about insurance it is planned to make some changes in order to increase the investment attractiveness of the insurance market of Belarus, as well as to increase competition and eliminate the misbalance between private and state companies, according to the portal NEWS.21.BY.

Currently in Belarus there are unequal conditions for private and state insurance companies, which limit the potential for development in this area. Thus, only state-owned insurance companies have the right to exercise compulsory insurance, more than 50% of the authorized funds being owned by the state. Also, the clients served by the private and state-owned insurance companies have different tax regulations.

In Belarus the share of insurance premiums in the GDP is 0.82%, which is very low in comparison with Russia - 2.22% and Ukraine - 1.9%. Experts expect that after the introduction of these legislative changes this index will reach 1.2-1.3% by 2015.

Access and download the 3Q2013 Belarusian insurance market statistics.

Market portfolio and market ranking (in EUR and BYR):
  • Gross written premiums
  • Paid claims
  • Growth rates
  • Market shares

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