In the first nine months, the Belarusian insurance market increased by 10.5% in the local currency. The devaluation of the Belarusian Ruble (BYR) against USD by 67% and 50% against EUR directly affected the volume of business and welfare of the citizens. As a result, insurance market decreased by 25.52% in European currency
The representative of the state insurance company visited the grave of the Belarusian hero of the 'Heavenly Hundred' in the village of Stsyah Pratsy near Homiel. He was called by the father of Mikhail to assess the damage inflicted by unknown vandals to the monument at the grave of his son. The monument had been insured.
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.
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.
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.
In 2014 Belarusian insurers received insurance premiums for direct insurance and coinsurance in the amount of BYR 7.3 trillion, 10.14% more as compared with January-December 2013 (BYR 6.6 trillion).
OAO EXIAR (The Export Insurance Agency of Russia) is interested in the
implementation of new investment projects in Belarus, BelTA learned from
the Information and Public Relations Office of the National Bank of the
Republic of Belarus (NBRB) after NBRB Chairman of the Board Pavel
Kallaur met with Piotr Fradkov, First Vice Chairman, member of the Board
of the Russian bank Vnesheconombank, and Alexei Tyupanov, Chairman of
the Management Board, Director General of OAO EXIAR.
Bermuda has launched a bid to drum up business in the former Soviet Union. A
group from the Bermuda Business Development Agency (BDA) held a
roadshow in the Belarusian capital of Minsk, hosted at the home of the
British ambassador, aimed at boost business links with central and
eastern Europe (CEE) countries.
A draft bill on introducing additions and amendments to the Tax Code
passed the first reading at the Belarusian parliament on 11 December,
BelTA has learned. The draft bill provides for the increase of
the income tax rate from 12% to 13%. The funds will be used to support
families with children, Finance Minister Vladimir Amarin said as he
presented the draft bill in the House of Representatives.
In the first nine months of 2014, the total value of claims paid by the Belarusian insurance companies increased by 17.17% compared with 3Q2013, while premiums increased by only 11.87%. The level of insurance payments in the total amount of insurance premiums increased from 41.4% in the first nine months of 2013 to 43.3% in 3Q2014.
Since October 7, 2014 the Ministry of Finance of Belarus revoked the license of ROSGOSSTRAKH for insurance activities on the local market, the company announced in a press release.
The Belarusian and British insurance associations have agreed on
cooperation. The agreement was reached during a visit of representatives
of Belarusian insurance organizations to London on 2-7 November, BelTA
learnt from the press service of the Foreign Ministry. The heads
of the Belarusian Association of Insurers and the Association of British
Insurers agreed on cooperation in sharing information and joint
organization of training seminars.
The state insurance company Eximgarant of Belarus and the French credit
insurer COFACE signed a memorandum of understanding, BelTA learnt from
the Embassy of Belarus in France. The document envisages
information sharing, hands-on experience and cooperation between the
Eximgarant of Belarus and COFACE in insurance operations and
export-import risks in transactions between economic entities of the two
An international agreement to set up a joint Belarusian-French
intergovernmental commission for economic cooperation was signed in
Paris in the presence of Belarusian Vice Prime Minister Piotr
Prokopovich and French Secretary of State for Foreign Trade Mr Matthias
Fekl, BelTA learned from the Belarusian Embassy in France.
Belagroprombank and VTB Bank (Austria) AG have signed a loan agreement. In line with the agreement the Austrian bank will provide Belagroprombank with a EUR 18 million loan, BelTA learned from Belagroprombank. Registered in 1991 Belagroprombank is one of Belarus' biggest commercial banks. The bank's major shareholders are the State Property Committee of Belarus (82.4%), the insurance company Belgosstrakh (9.6%), Belarusian National Reinsurance Organization (5.1%). The bank has over 46,000 corporate clients and 1.8 million individual customers.
In the first half of this year, the total value of claims paid by the Belarusian insurance companies increased by 16.46% compared with the first half of 2013, while premiums increased by only 7.6%. The level of insurance payments in the total amount of insurance premiums increased from 38.5% in the first half of 2013 to 43.6%.
The Finance Ministry of Belarus recently introduced standards to ensure proper operation of insurers, reports Forinsurer.
In 1Q2014 Belarusian insurers received insurance premiums for direct insurance and coinsurance in the amount of BYR 1,634,767.48 million, 6.53% less as compared with January-March 2013. The total value of claims paid by the insurance companies during January- March 2014 period reached BYR 712,026.13 million or EUR 52.47 million.
Swiss insurance companies are ready to expand cooperation with OAO ASB Belarusbank, the bank's press service told BelTA. During a recent visit to Switzerland the Belarusbank delegation held negotiations with top executives of the Swiss national agency for insuring export loans SERV.
The insurance market in Belarus should develop more vigorously,
Belarusian President Alexander Lukashenko said at a session to discuss
the insurance market of Belarus on 21 March, BelTA has learnt.