Two new types of mandatory insurance might be introduced in Belarus,
First Deputy Finance Minister of Belarus Vladimir Amarin said on 21
March at a session to discuss the domestic insurance market. The session
was hosted by the Belarusian head of state, BelTA learnt from the press
service of the Belarusian President.
In 2013 Belarusian insurers received insurance premiums for direct insurance and coinsurance in the amount of EUR 494.56 million, 29.30% more compared with January-December 2012 (EUR 382.50 million).
This week the Belarusian export-import insurance enterprise EXIMGARANT of Belarus and BELGOSSTRAKH signed a memorandum of cooperation with the Israeli company GORAL Assistance Ltd., targeting the creation of a national medical assistance company in Belarus, BelTA reports quoting the Embassy of Belarus in Israel.
The Belarusian insurance market totaled BYR 4,834,398 million for the first nine months of 2013, informed the Belarusian Association of Insurers, 54.29 % more compared with January-September 2012. Calculating in the European currency, the insurance market has accounted for EUR 394.64 million, up 38.42% y-o-y.
Standard & Poor's Ratings Services revised its outlook on Belarusian
National Reinsurance Organization (Belarus Re) to stable from positive,
reads the press release of the company.
During the first 9 months of 2013, Belarusian insurance companies underwrote premiums of USD 527 million, 54.3% up y-o-y, according to the data provided by the Belarusian Ministry of Finance.
The Belarusian republican unitary enterprise of export-import insurance
Eximgarant of Belarus and the State Export Import Bank of Ukraine
(Ukreximbank) signed a general agreement on cooperation and joint
activities, BelTA learned from Eximgarant of Belarus.
The Belarusian insurance market has accounted for EUR 293.64 million during the first six months of 2013, up by 56.30 %, compared with January-June 2012, according to the Belarusian Association of Insurers. Meanwhile, the total value of claims paid by the insurance companies during January- June 2013 period reached EUR 113.14 million.
The footprint of foreign insurers in the Belarusian insurance market is
increasing, with the Belarusian Association of Insurers saying the
presence of foreign capital has increased by more than 60% over the last
three years, Forinsurer reported.
Belarus' president has ordered the organizers of the 2014 ice hockey
world championship in the ex-Soviet nation to insure against losses in
case of a possible boycott.
Belarusian insurance market totaled BRY 1,749 billion (equivalent of EUR 157 million) during the first three months of 2013, up by 95.8%, compared to January-March 2012, The Belarusian Association of Insurers reported. Meanwhile, the total value of claims paid by the insurance companies during January-March 2013 period reached BYR 580 billion or EUR 52 million.
The Development Bank of the Republic of Belarus plans to take a decision
on its own insurance company before the end of the year, BelTA learned
from the bank.
Standard & Poor's Ratings Services said today that it had revised
its outlook on Belarusian National Reinsurance Organization (Belarus Re)
to positive from stable. At the same time we affirmed the 'B-'
counterparty credit and insurance financial strength ratings on Belarus
Fitch Ratings has affirmed Belarusian Republican Unitary Insurance
Company's (Belgosstrakh) and Export-Import Insurance Company of the
Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS)
ratings at 'B-'. The Outlooks are Stable.
The Belarusian insurance market continued its upward path stagnating last year as the local insurance companies collected premiums worth BYR 4,338 billion (EUR 382 million), up by over 83 percent y-o-y, informed the Belarusian Association of Insurers. In terms of paid claims, the Association reports a 4% y-o-y increase, the 24 market players paying almost BYR 2,065 billion (EUR 182 million).
Belarusian insurance market totaled BYR 3,566 billion for the first nine months of 2012, informed the Belarusian Association of Insurers, 98.5% more compared with January-September 2011. Calculating in the European currency, due the devaluation of BYR in relation to EUR, the insurance market shows a less pronounced increase: EUR 324 million, up 38% y-o-y.
The use of international financial reporting standards (IFRS) will help
Belarusian companies to get access to international capital markets,
chief of the main department for accounting, reporting and audit of the
Finance Ministry of Belarus Tatiana RYBAK told an online conference on
the BelTA website on 18 December.
Belarus-based export and import insurance company Beleximgarant has
pledged to provide insurance coverage for risks associated with export
contracts with Kazakhstan of Belarus' farming machinery producer
The Belarus government expects a skyrocketing growth of investment and
innovation efforts in the country in 2013, Prime Minister of Belarus
Mikhail Myasnikovich said on 19 September.
According to results published by the Belarusian Association of Insurers, in 1H2012, total premiums in the insurance market rose in local currency by over 120% year-on-year to BYR 1,966 billion. In European currency, due the devaluation of BYR in relation to EUR, the insurance market shows a moderate increase in terms of GWP: EUR 189.7 million, up 52.92% compared to 1H2011.