STATISTICS: BELARUS, 1H2016: Market growth by 22.7%

According to data provided by the Ministry of Finance of Republic of Belarus, the local insurance market saw a 22.7% positive evolution in GWP terms at the end of the first half of 2016.

Voluntary types of insurance increased only by 1.3%, while compulsory remains the driver of market as whole and recorded growth 19%.

In the reporting period devaluation of BYR against USD was about 45% and BYR against EUR by 15%. And, about half of types of insurance are linked to foreign currency, especially to USD.

Since 2011 it has been more than five devaluations in the country. Thus, the need for denomination has been discussed a long time ago. At the same time, the Belarusian ruble was presented by the international rating regarding the currencies in the world as a one of the weakest currency. Thus, denomination was carried out in order to strengthen the national currency and to do little to stop inflation.

Moreover, since July 1st all insurance contracts will be concluded indicating new banknotes, and the agreement signed before denomination will be available only until the end of 2016.

Due to the introduction of the amendments of the legislation insurance companies have obligation to increase gradual the minimum authorized capital till May 1st, 2017 from EUR 1 million to EUR 5 million (the equivalent in BYR).

Access www.xprimm.com and download the 1H2016 Belarusian insurance market statistics.

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

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