BELARUS: market growth in January 2019 exceeded 16% y-o-y

In January 2019, local market GWP amounted to BYN 123.8 million (+16.4% y-o-y), according to market figures published by the Ministry of Finance of the Republic.

The share of leading voluntary insurance types increased from 68.8% in January 2018 to 71.6% in January of this year. In voluntary insurance, local companies generated BYN 15.5 million more y-o-y, with GWP reaching BYN 88.7 million. GWP of compulsory types added only BYN 1.9 million y-o-y and reached BYN 35.1 million.

Although market paid claims in January of this year added BYN 5.9 million (up to BYN 54.1 million), the paid claims level dropped from 45.3% in January 2018 to 43.7% in January 2019.

Among 20 market participants, 16 companies were active in terms of GWP and paid claims. GWP above BYN 10 million were generated only by the TOP-3 leaders - BELGOSSTRAKH (unchanged market leader) generated almost BYN 54.4 million and paid BYN 25.3 million; PROMTRANSINVEST (GWP amounted to about BYN 16.9 million) and BELNEFTESTRAKH (BYN 13.3 million).

*EUR 1 = BYN 2.4683 (31.01.2019)

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

BELARUS: GWP y-o-y growth for January-July exceeded 15%

For the period of January-July 2018 Belarusian insurers generated BYN 705.2 million* of GWP (direct insurance and co-insurance). Annual growth of premiums (compared to the same period in 2017) amounted to 15.2%, as reported by the Ministry of Finance of the Republic.


BELARUS: 5 months' result demonstrated 16.6% market growth

Belarusian insurance market bottom-lined 5 months' result show this year GWP amounted to BYN 508.8 million* and the growth rate, compared to the same period last year, amounted to 16.6%, informed the Ministry of Finance of the Republic on its official website.



GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).


MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.


HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.



Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.


Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.


See all