Non-life insurances - Belarus | Statista Market Forecast

The Non-life insurance market in Belarus is expected to reach a market size (gross written premium) of US$5.74bn by 2024.
The average spending per capita in the Non-life insurance market is projected to be US$606.50 in 2024.
With an annual growth rate of 6.18% (CAGR 2024-2029), the gross written premium is estimated to reach a market volume of US$7.74bn by 2029.
In comparison to other countries, the United States is anticipated to generate the highest gross written premium of US$2.5tn in 2024.
Belarus is experiencing a growing demand for non-life insurance policies due to the increasing awareness of the importance of financial protection and risk mitigation.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

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

Over the past few years, the Non-life insurances market in Belarus has shown steady growth and development. Customer preferences in the Belarusian market are shifting towards more comprehensive insurance coverage, including property, health, and liability insurances. Customers are increasingly seeking tailored insurance solutions that provide them with a sense of security and financial protection in various aspects of their lives. Trends in the market indicate a growing demand for digital insurance services, with more insurance companies in Belarus offering online platforms for purchasing policies and managing claims. Additionally, there is a noticeable trend towards the development of innovative insurance products that cater to specific customer needs, such as travel insurance for frequent travelers and cyber insurance for businesses. Local special circumstances in Belarus, such as the government's focus on improving regulations and transparency in the insurance sector, have contributed to the market's growth. The introduction of new laws and policies aimed at enhancing consumer protection and promoting fair competition has created a more favorable environment for insurance companies to operate in the country. Underlying macroeconomic factors, including a stable economic growth rate and increasing disposable income levels among Belarusian consumers, have also played a significant role in driving the expansion of the Non-life insurances market. As the economy continues to grow, more individuals and businesses are recognizing the importance of having adequate insurance coverage to mitigate risks and uncertainties in an increasingly complex world.

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.