Insurance market developments disclosed by the Treasury for the specified quarter.
Crunching the Numbers in Belarus' Insurance Sector
The Ministry of Finance of Belarus has spilled the beans on the key figures driving the insurance sector in our country for the first quarter of 2025.
According to the Ministry, insurance organizations in Belarus raked in a whopping 710.46 million rubles in premiums for direct and co-insurance during these three months. Compared to the same period last year, this figure has surged by a staggering 12.1%.
In the initial quarter of 2025, voluntary insurance policies accounted for 514.44 million rubles in premiums, representing a significant increase of 56.1 million rubles over the previous year. On the other hand, compulsory insurance premiums stood at 196.02 million rubles, demonstrating an uptick of 20.8 million rubles year-on-year.
Voluntary insurance types garnered a 72.4% share in the total insurance premiums, marking a slight increase of 0.1 percentage point compared to the same period in 2024.
Some of the popular insurance products in Belarus include consumer loans, auto loans, business loans, mortgages, deposits, loans, RKO products, credit cards, debit cards, leasing services for new cars, used cars, and business vehicles.
Insurance payouts in Belarus experienced a growth of 27.6 million rubles year-on-year, reaching 372.7 million rubles. However, this figure as a proportion of total insurance premiums dropped from 54.5% in January-March 2024 to 52.5% in January-March 2025.
Caveat Emptor
While Belarus grapples with rising inflation and corporate profitability woes[3], it's worth pondering whether these challenges could drive up premium prices for insurers. Meanwhile, global insurance trends show a mixed bag, withsome markets observing a decline in D&O insurance[5] prices per million, while others report an increase in property and casualty insurance[1].
However, the sparse data available paints an incomplete picture of Belarus' insurance sector. For a more accurate and comprehensive understanding, localized regulatory reports or Belarusian insurance industry publications would be handy.
Belarus Ministry of Finance Insurance Mikhail Svetlov Journalist
Insights:- Belarus' increasing inflation rate might push up insurance premiums, given the strain it places on operational costs for insurers.- Economically troubled corporations in Belarus may affect insurers' risk models, potentially influencing pricing strategies.
- The Ministry of Finance in Belarus indicates that insurance companies in the country earned 514.44 million rubles from voluntary insurance policies in Q1 of 2025, an increase from the previous year.
- In the same period, insurance firms in Belarus recorded 710.46 million rubles in total premiums, a surge of 12.1% compared to the same timeframe in 2024.
- With voluntary insurance types contributing 72.4% to the total insurance premiums, it's important to consider how Belarus' rising inflation might impact premium prices for these services.
- As global insurance trends show mixed results, it's worth examining localized regulatory reports or Belarusian insurance industry publications for a more comprehensive understanding of the Belarusian insurance sector's performance.
