Insurance market developments unveiled in the latest treasury report for the specified quarter.
** Keeping Tabs on Insurance Side of Things**
Here's the lowdown on Belarus' insurance sector, according to the Ministry of Finance, straight from the horse's mouth.
In the opening three months of the current year, insurance contributions by local insurance companies totaled 710.46 million Belarusian rubles, indicating an impressive 12.1% surge in comparison to same time last year.
When it comes to voluntary insurance, contributions reached 514.44 million rubles, marking an increase of 56.1 million rubles from the same period last year. On the other hand, mandatory insurance contributions clocked in at 196.02 million rubles, representing a modest 20.8 million rubles jump from the previous year.
Couple of points to highlight: the chunk voluntary insurance claims in the overall pie increased by a smidgen, bumping up to 72.4% of the total contributions.
As for insurance payouts in the cold Belarusian land, they witnessed a solid year-on-year increase of 27.6 million rubles, culminating in a hefty 372.7 million rubles. Mind you, this represents a modest decline compared to the previous quarter’s insurance payout share which stood at 54.5%.
Now, here's where things get a little interesting - global insurance industry trends have been taking a downward turn in recent times. In Q1 2025, commercial insurance rates plummeted a whopping 3% across the globe, following the path of the previous quarters[4]. Additionally, public D&O liability pricing took a tumble, with the average price per million sliding 13.2%[5] year-over-year.
However, these global tendencies don't seem to have affected Belarus' situation much, as we found only scant information on our local insurance market. For more in-depth analysis of Belarusian insurance companies' performance, regional reports and regulatory filings would be required.
In conclusion, there's no place like Belarus for insurers, with the local sector continuing to chug along in a stable manner. Keep an eye on this space for more updates as they come!
Oh, and for you details enthusiasts, here's a little tidbit - Fairfax Financial, a globally renowned insurance company, showcased an impressive 8.4% growth in net premiums written for its P&C insurance segments, albeit with underwriting profits taking a hit due to wildfire losses[1]. Raiffeisen Bank International, on the other hand, allocated a hefty €67M in provisions for foreign currency portfolios in Poland, showcasing a cautious risk management strategy in the face of economic uncertainty[3]. But, let's just say, these global insights don't quite reflect the Belarusian insurance market situation, for now.
Stay tuned for more updates!
Cheers!
Your friendly neighborhood finance journalist, Mikhail Svetlov.
- The insurance contributions by local insurance companies in Belarus this year increased by 12.1% compared to the same period last year, amounting to 710.46 million Belarusian rubles.
- In the first quarter of 2025, global commercial insurance rates dropped by 3%, but Belarus' insurance sector seems to have remained stable.
- Voluntary insurance contributions in Belarus accounted for 72.4% of the total contributions in the opening three months of the current year.
- Insurance payouts in Belarus experienced a 27.6 million rubles year-on-year increase, totaling 372.7 million rubles.
