Life insurance - Belarus | Statista Market Forecast

The Life insurance market market in Belarus is expected to witness significant growth in the coming years.
According to projections, the market size, measured by the gross written premium, is set to reach US$7.04bn in 2024.
This indicates a positive trend in the demand for Life insurance market among the Belarusian population.
Furthermore, the average spending per capita in the Life insurance market market is predicted to amount to US$744.40 in 2024.
This figure reflects the individual expenditure on Life insurance market policies and highlights the importance of this segment in the overall financial planning of Belarusian citizens.
Looking ahead, the gross written premium is expected to exhibit an annual growth rate of 0.88% between 2024 and 2029.
This growth rate, also known as the compound annual growth rate (CAGR), is a key indicator of the market's potential for expansion.
By 2029, the market volume is projected to reach US$7.35bn, showcasing the steady growth and opportunities in the Life insurance market sector.
In a global context, it is worth noting that the United States is anticipated to generate the highest gross written premium in 2024, with a staggering amount of US$1.3tn.
This statistic underlines the dominance of the US market in the Life insurance market industry and the significant contributions it makes to the global insurance landscape.
As the Life insurance market market continues to evolve, in Belarus is poised to play a crucial role in shaping its future trajectory.
With promising growth prospects and an increasing focus on financial security, the country presents opportunities for both insurers and individuals seeking reliable Life insurance market coverage.
Belarus is experiencing a growing demand for life insurance, driven by increasing awareness of the importance of financial protection and long-term planning.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. 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.

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, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

The Life insurance market in Belarus has been experiencing notable growth and development in recent years. Customer preferences in the Belarusian life insurance market are shifting towards more comprehensive coverage options that provide not only financial protection but also investment opportunities. Customers are increasingly looking for policies that offer a combination of life insurance and savings or investment components, reflecting a growing interest in long-term financial planning and wealth accumulation. Trends in the market show a rise in demand for unit-linked life insurance products, which allow policyholders to invest in a variety of funds while still benefiting from life insurance coverage. This trend is in line with global market developments, where unit-linked products have gained popularity for their flexibility and potential for higher returns compared to traditional life insurance policies. Local special circumstances in Belarus, such as a relatively underdeveloped financial market and limited access to alternative investment options, have contributed to the growing popularity of life insurance as a means of long-term savings and investment. In the absence of well-established investment channels, life insurance products have emerged as a viable option for Belarusian consumers looking to grow their wealth while ensuring financial security for themselves and their families. Underlying macroeconomic factors, including low interest rates and economic uncertainty, have also played a role in driving the growth of the life insurance market in Belarus. With traditional savings accounts offering minimal returns and concerns about the stability of other investment options, life insurance has become an attractive choice for individuals seeking both financial protection and growth opportunities in an uncertain economic environment. Overall, the evolving customer preferences, market trends towards unit-linked products, local special circumstances, and macroeconomic factors are all contributing to the positive development of the Life insurance market in Belarus.

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.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.