The Rating agency FITCH Ratings on July 20, 2018 confirmed long-term and short-term sovereign credit ratings of Belarus on foreign and local currency obligations at the B level with stable forecast.
Belarusian insurance market bottom-lined 5 months' result show this year GWP amounted to BYN 508.8 million* and the growth rate, compared to the same period last year, amounted to 16.6%, informed the Ministry of Finance of the Republic on its official website.
Belarusian insurance market during January-April 2018 increased by 18.9% compared to the same period a year ago. During the first four months local insurers generated BYN 402.2 million*, said the Ministry of Finance of Belarus.
The planned changes in the local insurance sector will affect life insurance. Besides, the market is expecting liberalization, correction of working conditions and development of online insurance, said the Head of the insurance supervisory main department at the Ministry of Finance of Belarus - Sergey OSENKO during his interview for BELTA (Belarusian information agency).
State-owned companies will continue to dominate the insurance market of Belarus in the medium term, the latest FITCH Ratings' report states.
During Q1 2018 GWP of Belarusian insurers from direct insurance and co-insurance amounted to BYN 299.6 million. GWP growth rate for the first 3 months compared to the same period a year ago was 18%.
In 1Q2018 Belarusian insurers generated GWP of direct insurance and co-insurance in the amount of BYN 299.6 million (~EUR 125 million), which is 18% more than a year before, - informed the Ministry of Finance of the Republic.
The Ministry of Finance of Belarus on April 11 revoked a license of the Open Joint-Stock Insurance Company B&B Insurance Co. The insurer's license was earlier suspended in December of 2017.
MOODY's Investors Service (MOODY's) on March 16, 2018 upgraded the Government of Belarus' issuer and senior unsecured ratings to B3 from Caa1. The outlook remains stable.
Belarusian market started 2018 year with January GWP in the amount of BYN 101.5 million (EUR 41.4 million), which is by 18.4% more, in nominal terms, than in January of 2017, as informed by the Ministry of Finance of the Republic of Belarus.
In 2017 GWP of Belarusian insurance companies amounted to BYN 1.05 billion (EUR 446 million), 6.4% more y-o-y. GWP ceded in reinsurance reached BYN 1.03 billion (EUR 437million) against BYN 0.98 billion in 2016, thus 6% increase in 2017.
Fitch Ratings has upgraded three state-owned Belarus insurers' Insurer Financial Strength (IFS) Ratings to 'B' from 'B-'. The outlooks are stable, reads the press release of the agency.
In 3Q2017, the Belarusian insurance market recorded a GWP growth of 5.25%, to BYN 780.94 million, mostly driven by the life insurance segment. Claims paid by insurers went down by 0.19% to BYN 393.22 million.
Financial market activity in Belarus depends on the pace of economic
recovery. It is important that the National Bank and the government
should be able to offer a competitive business environment for those
markets. Today 75% of shares of Belarusian OAOs are owned by the state.
The future of the financial market will depend how those shares get to
that market and how they circulate there.
In 1H2017, the Belarusian insurance market recorded a market growth by 7.10%, to BYN 524.87 million, mostly driven by the life insurance segment.
Fitch Ratings has revised the Outlooks on three state-owned Belarus insurers to Positive from Stable while affirming the Insurer Financial Strength (IFS) Ratings at 'B-'. The affected insurers are Belarusian Republican Unitary Insurance Company (Belgosstrakh), Belarusian National Reinsurance Organisation (Belarus Re), Export-Import Insurance Company of the Republic of Belarus (Eximgarant).
In 1Q2017, the Belarusian market reported GWP of BYR 253.95 million, up by 8.07%. The main growth drivers were health, pension and life insurance with investment component, as well as property insurance.
According to data published by the Ministry of Finance of Belarus, the local insurance market reported aggregated GWP of BYN 971 million, 18% more y-o-y, supported by the life & health insurance (inclusing pensions).
Eximgarant of Belarus and the Chinese company Sinosure signed an agreement on cooperation, BelTA has learned.