Belarus insurance sector growing vigorously amid sanctions

July 6, BPN. Belarusian insurance companies collected 917.7 million rubels ($362.5 million) in premiums from January to May, a 19.3 percent increase from the same period last year, the Ministry of Finance has said.

The ministry said voluntary insurance accounted for 627 million rubels of the total, up 23.6 percent, while mandatory insurance contributed 290.7 million rubels, up 11 percent.

Insurance payouts rose 6.2 percent to 536.1 million rubels, it said.

Voluntary insurance made up 68.3 percent of all premiums, compared with 65.9 percent in the first five months of 2022.

The average monthly salary of finance and insurance workers in April was 2,833.1 rubels, more than 50 percent higher than the national average of 1,861.1 rubels.

The United States and its allies have imposed sanctions on Belarus because they disagree with how the government there treats its people and its neighbors.