Belarus
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Belarus 3Q2023 Market Portfolio
Belarus 1H2023 Market Portfolio
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BELARUS: The unified MTPL system of Russia and Belarus to be launched before October 1, 2024
The unified MTPL system of the Union State is planned to be launched before October 1, 2024, as reported by the press service of the Parliamentary Assembly of the Union of Belarus and Russia following the meeting of the Parliamentary Assembly Commission on Legislation and Regulations held on November 30 in Minsk, BELTA writes.
5 December 2023STATISTICS: BELARUS, 3Q2023: voluntary insurance accounts for 67% of GWP and paid claims
For 9M2023, total GWP of the insurance sector amounted to BYN 1,642.75 million (EUR 474.15 million), which is 20.93% more y-o-y, as follows from data published by the Ministry of Finance of the Republic. It is noteworthy that due to significant changes in exchange rates, the market result in euros was negative (-16.38%),
27 November 2023BELARUS: the draft law “On Insurance Activities” adopted in the first reading
The draft law “On Insurance Activities” was adopted in the first reading, BELTA reports.
19 October 2023STATISTICS: BELARUS, 1H2023: the level of paid claims in the total premiums decreased to 59%
In January-June 2023, total GWP of the insurance sector of the republic amounted to BYN 1,097.74 million (EUR 331.66 million), which indicates an increase of 20.18% y-o-y in local currency, according to data published by the Ministry of Finance of Belarus. While in euros the market result was negative (-3.31%).
6 September 2023BELARUS: the new law to become the fundamental document regulating insurance activities
Belarus plans to change the regulation in the field of insurance (currently, insurance activities are regulated by decrees of the President of the Republic of Belarus), which is designed to ensure consistency, complexity, and stability of insurance activities, BELTA reports. The draft law will soon be submitted to the House of Representatives.
1 August 2023BELARUS: 13 more countries added to the list of countries where Belarus Green Card policies are not valid
Since June 1, Belarus relations in the Green Card insurance system have been ceased with more than 30 countries, now 13 more countries have been added to this list, Sputnik writes.
21 June 2023STATISTICS: BELARUS, 1Q2023: the level of paid claims in the total GWP exceeds 61%
In 1Q2023 the insurance sector grew by 13.51% to BYN 541.16 million (EUR 174.40 million). At that, non-life supported the market up-trend, while life insurance fell by almost 16% y-o-y, according to data published by the Ministry of Finance of the republic.
30 May 2023BELARUS: from June 1, Belarusian car owners won't be able to use Green Card policies
From June 1, 2023, car owners from Belarus won't be able to use Green Card international insurance policies when traveling to the European Union, Great Britain, and Switzerland, BELTA reports.
11 May 2023STATISTICS: BELARUS, FY2022: GWP grew by 6.6%, while assets - by 20%
In 2022 total GWP of the insurance sector amounted to BYN 1,840.1 million (EUR 631.13 million), which is 6.6% more y-o-y, according to data published by the Ministry of Finance of the Republic.
27 April 2023BELARUS: last year insurers had record payments
2022 was not an easy year for the Belarusian insurance sector, the market growth was about 5%, which is the lowest in the last decade. At the same time, some insurance companies saw growth from 10 to 30% y-o-y. Others, on the contrary, recorded a drop in growth, as Irina MERZLYAKOVA General Director Belarusian Association of Insurers said.
20 April 2023BELARUS: creation of the Eurasian Reinsurance Company to provide additional insurance capacity of about USD 2 billion
The draft law "On Ratification of the Agreement on creation of the Eurasian Reinsurance Company" is being prepared for consideration in the House of Representatives in March.
23 March 2023BELARUS: the parliamentarians face the task of forming a single insurance market of the Union State
The parliamentarians face the task of forming a single insurance market of the Union State, the Deputy Chairman of the Commission on Legislation and Regulations of the Parliamentary Assembly of the Union of Belarus and Russia, Chairman of the Standing Commission on Legislation and State Building of the Council of the Republic, Sergei Sivets said, BELTA reports.
22 February 2023BELARUS: Imkliva Insurance saw the largest growth in 2022, while Belgosstrakh had the largest growth among state insurers
With an average growth of the insurance market from 2% to 6%, the largest growth in 2022 was recorded by Imkliva Insurance (+36%), while among state insurers, Belgosstrakh had the largest growth rate (+11%).
16 February 2023BELARUS: legislative act on motor insurance planned for consideration at the next session of the Parliamentary Assembly
A model legislative act "On the system of compulsory insurance of civil liability of owners of vehicles of the Union State" is planned to be adopted at the next session of the Parliamentary Assembly of the Union of Belarus and Russia, BELTA writes with reference to the representative of the Secretariat of the Parliamentary Assembly Aleksey ERSHOV.
7 February 2023STATISTICS: BELARUS, 3Q2022: market growth was only about 3% y-o-y
For 9 months of 2022, total GWP of Belarusian insurers amounted to BYN 1,358.45 million (EUR 567.06 million). The y-o-y increase was only about 3%, according to data published by the Ministry of Finance of the Republic.
1 December 2022BELARUS: Model law on MTPL may be adopted before the end of this year
The model legislative act "On the system of compulsory insurance of civil liability of owners of vehicles of the Union State" may be adopted before the end of this year, BELTA reports referring to Viktor Pinsky, Chairman of the Commission of the Parliamentary Assembly of the Union of Belarus and Russia on legislation and regulations.
29 November 2022BELARUS: A unified motor insurance policy to be introduced in the Union State by mid-2023
According to the press service of the Parliamentary Assembly of the Union State of Belarus and Russia, it is planned to introduce a single compulsory motor third party liability insurance policy in the Union State by mid-2023, BELTA reports.
26 October 2022BELARUS: Belarus' share in the charter capital of the Eurasian Reinsurance Company to be paid by three insurers
The Council of Ministers of Belarus has determined authorized insurance organizations to make the initial payment of Belarus' share in the charter capital of the Eurasian Reinsurance Company (ERC) in 2022-2023 in the amount of 25%, BelTA wrote.
13 October 2022STATISTICS: BELARUS, 1H2022: the level of paid claims in total GWP increased by 8% y-o-y
The insurance sector of Belarus ended the first half of the year with growth of 4.43% in local currency. GWP reached BYN 913.44 million (EUR 343.01 million), according to the data published by the Ministry of Finance of the Republic.
25 August 2022BELARUS: Belneftestrakh awarded for its contribution to the development of the financial market in the field of insurance
On July 7, Anatoly CHAYCHITS, General Director of the insurance company Belneftestrakh, was awarded the prize for "contribution to the development of the financial market in the field of insurance" on the occasion of the "Man of Action 2022" competition, BELTA reports.
12 July 2022
