Belarus

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Location map
author: OCHA/ ReliefWeb


Location:
- Eastern Europe.
- Neighbors: Poland, Lithuania, Latvia, Russia, Ukraine.

Climate:
- cold winters, cool and moist summers;
- transitional between continental and maritime.

Macro indicators
* 2018 estimates
Surface:207,595km2
Population*:9.5million
Pop. density*:45.6people/km2
GDP*:49.2EUR billion
GDP/capita*:5,197.0EUR

Currency: Ruble
Code: BYN
Since: 2016
- replaced the second Belarusian ruble (BYR)


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:10%
TOTAL NON-LIFE*:90%
Overall Property*:26%

Sources:





 


Statistics

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Belarus 1H2020 Insurance Companies Rankings

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Belarus 1H2020 Market Portfolio


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Latest news


STATISTICS: BELARUS, 3Q2016, MoF: Insurance increased almost a quarter y-o-y

Belarusian insurance market totaled BYN 742 million (EUR 343 million) for the first nine months of 2016, 24.2% more y-o-y, according to the MoF market figures. In terms of paid claims, the market authority reported a 14.2% y-o-y increase, the 19 active market players paying almost BYN 394 million (EUR 182 million).

BELARUS: The Banking Sector Moving Towards Modernisation Despite Some Challenges

There are 26 banks, including 21 with foreign capital, operating in Belarus and five foreign institutions have their representative offices in the country, according to the country's National Bank. In January 2016, the banks' aggregate registered authorised capital amounted to 4.5 billion (or €2.2 billion), having increased by 33.4 per cent  compared to 2015.



STATISTICS: BELARUS, 1H2016: Market growth by 22.7%

According to data provided by the Ministry of Finance of Republic of Belarus, the local insurance market saw a 22.7% positive evolution in GWP terms at the end of the first half of 2016.

Call for faster development of insurance market in Belarus

The Belarusian market of insurance services should grow faster. Chairman of the Council of the Republic of the National Assembly of Belarus Mikhail Myasnikovich made the statement during the expanded participation session of the Presidium of the Council of the Republic of the National Assembly on 24 August, BelTA has learned. The session participants discussed the role and tasks of the upper chamber of the Belarusian parliament in implementing the priorities outlined by the main provisions of the 2016-2020 national social and economic development program.

Fitch Affirms Belarus at 'B-'; Outlook Stable

Fitch Ratings has affirmed Belarus's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B-' with a Stable Outlook. The Short-Term Foreign-Currency and Local-Currency IDRs are affirmed at 'B' and the Country Ceiling at 'B-'.

BELARUS: "Open" the market for foreign strategic investors

The National Bank of Belarus has worked out a project named "Strategy of developing financial market in 2016-2020", which involves liberalization of the local insurance market and the equal rights of private insurance with government organizations.








STATISTICS: BELARUS, 1H2015: Devaluation of the BYR against the "hard" currency had a negative influence on the main types of insurance that can be bought in foreign currency

The growth and strengthening of the crisis phenomenon due to the fall of oil prices (editor's note: On August, 2015 the cost of Brent crude oil fell below USD 42.87/per barrel, so once again the price for the Brent crude oil is close to its lowest level in six years), as well as the devaluation of RUB, the extending of sanctions for Russia (which is the main trade partner of the Republic of Belarus) and the fall on the Chinese stock market led to the low economic growth in Belarus last year.

STATISTICS: BELARUSIAN insurers reported a 15% increase in GWP in the first quarter

According to the results published by the Belarusian Association of Insurers, in 1Q2015, total premiums in the insurance market have risen by 15% year-on-year to BYR 1,880 billion. In European currency, due to the devaluation of BYR in relation to EUR, the insurance market did not show growth in terms of GWP: EUR 118 million, or 2.2% less y-o-y. The claims paid by local companies reached BYR 993.88 million, up by almost 40% compared to 1Q2014.

BELARUS' major companies urged to list on international stock exchange

We need to look into the possibility of floating the shares of Belarus' major companies on the world stock exchanges, Belarus President Alexander Lukashenko said during his annual address to the Belarusian people and the National Assembly on 29 April, BelTA has learned.