In the first eleven months of 2020, GWP of the Belarusian insurance market amounted to approximately BYN 1.36 billion (~EUR 0.44 billion*), which is 8.8% more y-o-y, according to the Ministry of Finance of the Republic.
On December 3rd
, 2020, the Belarusian insurance company BELGOSSTRAKH celebrated its 99th anniversary in insurance, according to the company's website
For 9 months of 2020, GWP of the Belarusian insurance market amounted to BYN 1.09 billion (EUR 355.72 million), which is 6.43% more y-o-y in local currency. At the same time, paid claims increased by 12.25% to BYN 577.79 million, according to the data published by the Ministry of Finance of the Republic.
From November 1, the Social security treaty between the Republic of Belarus and the Republic of Moldova comes into force, which regulates payment of insurance premiums for state social (pension) insurance, as well as granting and payment of pensions and insurance compensations, as BELTA informed,
citing the Ministry of Labor and Social Protection.
BELKOOPSTRAKH insurance company, ranking 6th
in the non-life market of Belarus among 13 insurers (based on 1H2020 results), had rebranding and ASOBA appeared on the market, "Insurance in Belarus" wrote.
On September 11, 20202, a resolution of the Council of Ministers of the Republic of Belarus was adopted, which amended the procedure for transferring obligations by insurance companies under voluntary insurance contracts, insurance reserves and fund balances of preventive measures to other insurance companies, according to the website of the Ministry of Finance
The insurance market of Belarus completed 1H2020 with an increase of 6.93%, GWP amounted to BYN 737.7 (~EUR 272.8 million*). At the same time, the growth rate of paid claims has outpaced GWP growth by more than two times (+14.86%), according to the data, published by the Ministry of Finance of the Republic.
From January to May 2020, Belarusian insurers generated GWP worth BYN 619.9 million (~EUR 231.55 million*), which is 7.1% more y-o-y, according to the data of the Ministry of Finance of the Republic.
Recent amendments to the rules for investing insurance reserves have been made in the Republic of Belarus. The corresponding decree of the Council of Ministers d/d June 23, 2020 was published on the National legal internet portal, BELTA news agency reported.
In 1Q2020, the GWP of Belarusian insurance market amounted to BYN 379.9 million (~EUR 132 million*), in local currency reflecting an increase of 13% year-on-year, while in European currency the market growth rate was negative (-6.3%), as the data published by the Ministry of Finance show.
Sorainen, a fully integrated regional business law firm with offices throughout the region (in Estonia, Latvia, Lithuania, and Belarus), has advised ERGO Group on the sale of its non-life subsidiary in Belarus to the EUROINS Group, as CEE Legal Matters informed.
In 2019, the GWP of the Belarusian market amounted to BYN 1,403.4 million (~EUR 596.6 million), which is almost 14.5% more y-o-y in local currency. It's worth noting that the market growth rate remained mainly at the same level as a year before (+14.6% in 2018), maintaining its upward trajectory, the latest data from the Ministry of Finance of the Republic show.
Fitch Ratings affirmed insurer financial strength rating of the Belarussian insurance company - EXIMGARANT at 'B' with stable outlook, according to the agency's report
, published on May 05.
Bulgaria-based EUROINS Insurance Group (EIG) announced it completed the acquisition of RGO Belarus - a non-life subsidiary of Germany-based ERGO, part of MUNICH Re, after obtaining regulatory approvals from Ministry of Antimonopoly Regulation and Trade (MART) and Ministry of Finance.
Fitch Ratings affirmed insurer financial strength rating of the leading Belarussian insurance company - BELGOSSTRAKH at 'B' with stable outlook, according to the agency's report
, published on April 30.
As of January 1st, 2020, 16 insurance organizations and 30 insurance brokers were active on the insurance market of Belarus. Total number of insurers has not changed compared to 2018, according to the data of the Ministry of Finance of the Republic.
The main achievement in 2019 for the insurance market was adoption of the Presidential Decree No. 175, aiming at liberalization of the insurance business, according to the magazine "Insurance in Belarus".
The international rating agency Fitch Ratings affirmed the rating of BELEXIMGARANT at 'B' with a stable outlook, BELTA reports with a reference to the agency's press release.
From January to November 2019, the GWP of Belarusian insurers reached BYN 1.24 billion (~EUR 0.54 billion), which is 12.9% more y-o-y, as the statistical data published by the Ministry of Finance show.
Market GWP for 9 months of 2019 amounted to BYN 1.03 billion (EUR 455.06 million*), in local currency translating in an almost 13.70% increase y-o-y, as the data published by the Ministry of Finance of the Republic show.