Insurances

The Insurances market in Belarus is projected to reach a market size (gross written premium) of US$12.77bn in 2024.
Life insurances dominate the market with a projected market volume of US$7.04bn in 2024.
The average spending per capita in the Insurances market amounts to US$1.35k in 2024.
When comparing globally, the highest nominal value is reached the United States, with a projected market size of US$3.8tn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 3.39%, resulting in a market volume of US$15.09bn by 2029.
In global comparison, the United States will generate the most gross written premium in 2024, with US$3.8tn.
The insurance market in Belarus is experiencing a surge in demand for health insurance due to increasing awareness of the importance of medical coverage.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Insurances market in Belarus has been experiencing steady growth and development in recent years.

Customer preferences: Customers in Belarus are increasingly seeking insurance products that offer comprehensive coverage at affordable prices. They are also showing a growing interest in digital insurance solutions that provide convenience and ease of access. This shift in preferences is in line with global trends towards more personalized and tech-savvy insurance offerings.

Trends in the market: One notable trend in the Belarusian insurance market is the increasing demand for health and life insurance products. This can be attributed to a growing awareness of the importance of financial security and protection against unexpected events. Additionally, there is a rising trend of insurance companies partnering with other industries, such as banking and retail, to offer bundled insurance products, further expanding their customer base.

Local special circumstances: Belarus has a unique regulatory environment that influences the insurance market. The government plays a significant role in regulating insurance products and setting industry standards. This close oversight can both support and challenge insurance companies operating in the market. Additionally, the relatively small size of the Belarusian insurance market compared to its European counterparts creates opportunities for niche insurance products to thrive.

Underlying macroeconomic factors: The economic stability and steady GDP growth in Belarus have contributed to the positive performance of the insurance market. As the country continues to develop and modernize its economy, there is an increasing need for various insurance products to mitigate risks and protect individuals and businesses. The favorable economic conditions have also attracted foreign insurance companies to enter the market, leading to increased competition and innovation.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.