Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Belarus Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Belarus includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Following a period of brief independence most of Belarus became a part of the Soviet Union in 1921. With the collapse of the Soviet Union in 1991 the country declared full independence as the Republic of Belarus. economy is dominated by State-Owned Enterprises (SOEs), focused on heavy industry, manufacturing, oil refining and chemical production. An estimated 75% of the economy is state-owned with SOEs accounting for about half of all employment.
A significant feature of the Belarus market is that state-owned or partially state-owned insurers control most of the non-life insurance market and in 2019 wrote over 85% of non-life premiums. For the economy itself an estimated 75% is in state hands and state-owned enterprises account for about half of all employment. Two-thirds of the labour force are state employees influencing the size of the market which is relatively small with low premium expenditure in absolute terms. Belarus has low life insurance penetration and premium expenditure per capita compared with neighbouring peer markets.
Belarus is fairly benign from a catastrophe perspective and there have been no significant insurance losses in the recent past.