Statistical analysis of insurance market of the Republic of Belarus

Abstract

The research aims to offer a detailed statistical analysis of the insurance market between years 2003 and 2017 from the perspective of gross written premiums. A method of principal component analysis was applied in order to obtain a valuable classification of 16 active insurance companies based on the premiums data of the year 2017. The empirical results showed that compulsory insurance against accidents at work and occupational diseases, vehicle owner’s liability insurance, voluntary enterprise and citizen property insurance, personal life insurance the best explain the evolution of the insurance market. Seven classes of insurance companies were highlighted according to the analysis.