According to data published by the Ministry of Finance of Belarus, in the first quarter of 2016 the local insurance market reached to BYR 2,349,922.06 million, up by 24.94%. To main driver of the positive market evolution was the life insurance segment, which increased by 63.94%, while non-life insurance went up by 22.18%.

In European currency, due to the local currency devaluation, the market figures show a quite different trend in GWP terms: EUR 103.16 million or 12.41% less y-o-y.

In the reporting period, claims paid by local insurers increased by 19.41%, to BYR 1,186,794.52 million, of which BYR 100,583.24 million were life indemnities and BYR 1,086,211.28 million - paid claims related to non-life sub-classes.

Access www.xprimm.com and download the 1Q2016 Belarusian insurance market statistics.