Non-life insurances - Belarus

Belarus

The Non-life insurance market in Belarus is expected to reach a market size (gross written premium) of US$6.08bn by 2024.
The average spending per capita in the Non-life insurance market is projected to be US$643.00 in 2024.
With an annual growth rate of 6.70% (CAGR 2024-2028), the gross written premium is estimated to reach a market volume of US$7.88bn by 2028.
In comparison to other countries, the United States is anticipated to generate the highest gross written premium of US$3,371.0bn 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.

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Analyst Opinion

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.

Methodology

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.