Insurance Premiums Increased by 5.7% in 2020

For 2020, the insurance companies of the Republic of Belarus received BYN1.48bn of insurance premiums under direct insurance and co-insurance. The growth of receipt for this period compared to a year earlier is 105.7%.

 

Insurance premiums under voluntary classes of business amounted to BYN940.3m, which is BYN80.1m more against the year of 2019.

The share of voluntary classes of business in the total amount of the insurance premiums is 63.4% (for 2019 was 61.3%).

 

Insurance premiums under compulsory classes of business for 2020 amounted to BYN543.2m, which is at the level of 2019.

 

Insurance indemnity payments and sums insured as a whole amounted to BYN814.7m, which is BYN104.1m more than for 2019. A proportion of insurance payments in the total sum of insurance premiums amounted to 54.9% (for 2019 – 50.6%).

 

The insurance companies paid into the budget as well as to non-budget funds BYN123.7m (for 2019 -BYN 125.5m).

 

Average number of employees of local insurance companies as of 1 January 2021 amounted to 8,786 people (as at 1 January 2019 – 8,859 people).

 

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