Insurance market performance for the given quarter detailed by the Treasury
Fresh Take on the Belarus Insurance Sector's Q1 Performance
Let's dive into the latest stats on the insurance biz in good ol' Belarus!
The Ministry of Finance recently spilled the beans on some key figures related to insurance companies' action within our beautiful country during the first three months of the present year.
As reported, insurance contributions from Belarusian insurers for direct and co-insurance reached a staggering 710.46 million rubles in Q1, a solid 12.1% jump compared to the same timeframe in 2024.
In this quarter, voluntary insurance contributions clocked in at 514.44 million rubles, up by a substantial 56.1 million rubles. The mandatory insurance contributions hit 196.02 million rubles, 20.8 million more than in the same period last year.
Interesting tidbit: Voluntary insurance types made up an impressive 72.4% of the total contributions, representing a slight increase compared to January-March 2024.
Now, let's flip the coin and check out the insurance payments in Belarus. These went up by a hefty 27.6 million rubles year-on-year, landing at 372.7 million rubles. However, the ratio of payments to contributions dropped to 52.5%, as compared to 54.5% in Q1 2024.
Of course, these stats merely tell part of the insurance story. Want some more context? Well, globally, insurance rates took a nosedive by 3% in Q1 2025, marking the third straight quarter of rate declines, according to Marsh's Global Insurance Market Index.[1] Various companies saw mixed results across revenue and profitability, with some showing resilience in the property and casualty segment while others faced challenges in life and health sectors.[2][5]
Alas, without specific Belarus insurance market reports or financial statements from local insurance companies, pinpointing our nation's exact Q1 2025 performance relative to the same time in 2024 can be tricky. Keep your eyes peeled for more information as it comes!
Sources:1. Marsh's Global Insurance Market Index: https://www.marsh.com/about-us/newsroom/marsh-global-insurance-market-index2. SCOR's financial results: https://www.scor.com/media_resources/publications/results--2025/3. Zurich Insurance's financial results: https://www.zurich.com/en/about-zurich/reporting/quarterly-results5. insurance Business Europe: https://www.ibrmag.com/news/insurance-business-europe/news-analysis/hard-market-conditions-demand-responsive-approach-from-reinsurers-322503
In light of the Q1 2025 statistics, it is observed that the finance sector, specifically the Belarus insurance business, experienced a significant increase in contributions, with voluntary insurance contributions accounting for the majority. Particularly, insurance contributions reached 710.46 million rubles, a 12.1% increase compared to Q1 2024. However, without specific reports or financial statements from local insurance companies, comparing Belarus' Q1 2025 performance with that of Q1 2024 remains challenging.
