At the end of 3Q2024, the insurance sector of Belarus amounted to BYN 1,929.51 million (EUR 538.31 million), which is 17.46% more y-o-y in local currency, according to data published by the Ministry of Finance of the Republic of Belarus.

Voluntary insurance generated BYN 1,302.4 million. The share of voluntary insurance in the total market portfolio is 67.5% (3Q2023 - 67.1%). In the structure of voluntary insurance, property insurance accounts for 51.3%, personal insurance - 40.2%, liability insurance - 4.4%, comprehensive insurance - 4.1%, as the Ministry of Finance writes.

In the first 9 months of 2024, insurers collected BYN 627.1 million in mandatory insurance. The share of mandatory insurance in the market portfolio is 32.5% (3Q2023 - 32.9%). In the structure of mandatory insurance, personal insurance accounts for 46.0%, property insurance - 6.8%, liability insurance - 47.2%.

At the end of 3Q2024, paid claims on the market reached BYN 1,067.41 million (EUR 297.79 million), of which in voluntary insurance local companies paid BYN 724.3 million (67.9%), and in mandatory insurance – BYN 343.1 million (32.1%).

The level of paid claims in the total GWP for the period slightly decreased to 55.3% (from 58.7% in 3Q2023).

Access xprimm.com and download the latest Belarusian insurance market statistics for 3Q2024 in EUR and BYN.