The volume of the insurance services market in Belarus increased by 12.9% in January-April

Premium of insurance companies of the Republic of Belarus under direct insurance and co-insurance in the first quarter of 2020 amounted to BYN 379.9 m, the growth rate compared to the same period in 2019 was 112.9%, BelTA learned from the Ministry of Finance.

 

Premium under voluntary types of insurance amounted to BYN 260 m, the share in the total amount of premium – 68.4% (for the first quarter of 2019 – 66.7%). In the structure of premium for voluntary types of insurance personal insurance accounts for 43.5%, property insurance – 47.9%, liability insurance – 6.1%, comprehensive insurance – 2.5%.

 

Insurance premiums for compulsory insurance for the 1st quarter amounted to BYN 119.9 m, the share in the total amount of premium was 31.6% (for the 1st quarter of 2019 – 33.3%). Where, personal insurance amounted to 32.9%, property insurance – to 12.2%, liability insurance – to 54.9%.

The amount of insurance indemnity and insurance coverage payments nationwide in the first quarter amounted to BYN 191.3 m., where BYN 115.4 m. (60.3%) accounted for voluntary types of insurance and BYN 75.9 m. (39.7%) for compulsory types of insurance.

 

The level of insurance payments in the total amount of premium for the first quarter amounted to 50.4% (for the same period of 2019 – 46.6%).

 

The total amount of insurance reserves as of April 1 amounted to BYN2 111.6 m.

 

Source: http://www.belta.by/

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