Analysis of the corporate property insurance market in the Republic of Belarus based on international experience
Keywords:
corporate insurance, information asymmetry, moral hazard, adverse selection, insurance fraud, insurance underwriting, insurance history databasesAbstract
Objective. The article examines the state of corporate insurance in the Republic of Belarus, assesses the efficiency of insurance operations, and identifies areas where corrective measures are needed.
Materials and Methods. The study provides a comparative analysis of key indicators for the most significant classes of corporate property insurance. To establish the root causes of the challenges identified, the research draws on insurance theory and insights obtained from surveys of insurance market practitioners.
Results. The findings indicate that high average single-claim payouts combined with relatively low premiums can improve the profitability of insurance operations. The study pinpoints the causes behind the crisis widely discussed within the Belarusian insurance industry: underdeveloped risk underwriting and insurance history tracking, along with the ineffective application of deductibles. Possible solutions to these shortcomings are proposed.
Conclusion. As elsewhere, the market in Belarus suffers from information asymmetry between participants. However, the nature of the problem in the country is distinctive, driven by downward price competition among insurers in an environment of adverse selection and moral hazard. The solution lies in adopting specialized instruments that enable insurers to set premiums commensurate with the client’s individual risk profile.
References
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Zweifel, P. Insurance Economics / P. Zweifel, R. Eisen. – Berlin: Springer, 2012. – 461 p. – DOI: 10.1007/978-3-642-20548-4.
Банк России: Статистика // Банк России. – URL: https://www.cbr.ru/insurance/reporting_stat/ (дата обращения: 19.03.2026).
Данильчик, А. Лаборатория демпинга / А. Данильчик // Страхование в Беларуси. – 2022. – № 5. – С. 6–8.
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References
Belorusskaya assotsiatsiya strakhovshchikov: Pokazateli deyatel'nosti strakhovykh organizatsiy RB [Belarusian Association of Insurers: Performance indicators of insurance organizations of the Republic of Belarus]. (In Russian). Available at: https://belasin.by/statictics/statisticheskie-dannye-2023-god (accessed: 19.03.2026).
Zweifel P., Eisen R. Insurance Economics. Berlin, Springer Publ., 2012, 461 p. DOI: 10.1007/978-3-642-20548-4
Bank Rossii: Statistika [Bank of Russia: Statistics]. (In Russian). Available at: https://www.cbr.ru/insurance/reporting_stat/ (accessed: 19.03.2026).
Danil'chik A. Laboratoriya dempinga [Dumping Laboratory]. Strakhovanie v Belarusi, 2022, no. 5, pp. 6–8. (In Russian)
Fomicheva E.V. Programma strakhovaniya imushchestva elektrogeneriruyushchikh kompaniy: ot podkhoda RAO «EES Rossii» do vnedreniya zapadnykh standartov [Property insurance program for electric power generating companies: from the approach of RAO "UES of Russia" to the implementation of Western standards]. Korporativnaya ekonomika [Corporate economics]. 2016, no. 2 (6), pp. 51–55. (In Russian)
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