According to results published by the Belarusian Association of Insurers, in 1H2012, total premiums in the insurance market rose in local currency by over 120% year-on-year to BYR 1,966 billion. In European currency, due the devaluation of BYR in relation to EUR, the insurance market shows a moderate increase in terms of GWP: EUR 189.7 million, up 52.92% compared to 1H2011.

According to results published by the Belarusian Association of Insurers, in 1Q2012, total premiums in the insurance market rose in local currency by 135% year-on-year to BYR 893 billion. In European currency, due the hyper-devaluation of BYR in relation to EUR, the insurance market did not show growth in terms of written premiums: EUR 83.4 million, representing a decrease of 5.6%. Despite this "sensible reality", last month, the FITCH Agency granted state insurance companies the stable outlook. Thus, the financial strength rating of BELGOSSTRAKH, BELEKSIMGARANT and Belarusian National Reinsurance Organization coincides with the country rating:  B-; "stable" outlook. According to FITCH, the positive evaluation will have a positive impact on the investment inflow and participation of organizations in international projects.

The Fitch Agency granted state insurance companies the stable outlook.

According to Belarusian Telegraph Agency (BelTA), a draft decree has submitted to develop insurance services in Belarus. Last week, the Finance Minister, Andrei KHARKOVETS, in a session of the Council of Ministers Presidium, has discussed about the implementation of the 2011-2015 insurance development program and measures to improve insurance effectiveness.

In January 2012, the existing insurance companies of Belarus received Br295.3 billion of insurance premiums for direct insurance and coinsurance (about $36 million). The income increase amounted to Br171.2 billion, or 138% at current prices compared to January 2011. This was reported in the Ministry of Finance of Belarus.

According to results published by The Belarusian Association of Insurers, in 2011, total premiums in the insurance market rose in local currency by 76% year-on-year to BYR 2,362 billion. In European currency, due the devaluation of BYR in relation to EUR, the insurance market did not show growth in terms of written premiums: EUR 219 million, representing a decrease of 35%.

Belarusian insurance companies expect the total value of insurance premiums collected in 2011 to reach $250-300 million, chief of Belarus' Insurers Association Irina Merzlyakova told a press conference on Thursday.

During January - September of 2011, the insurance companies in Belarus underwrote premiums worth BYR 1,527.25 (EUR 200 million), about 58% higher than the similar time of 2010. Altogether, the insurance companies paid claims of BYR 879.45 billion (EUR 115 million), 53% higher than in the similar period of 2010, according to the data published by the The Belarusian Association of Insurers.

DYNAMO Association, BELGOSSTRAKH (the biggest insurance company in Belarus) and BELARUSBANK launched the first service in Belarus where citizens can buy online insurance policies, announced www.tvr.by.

In first eight months of 2011, the insurance companies from Belarus underwritten premiums of BYR1.307 trillion, up 54% compared to 2010.

Insurance companies from Belarus registered a 44.7% increase in underwritings in the first quarter, reporting gross premiums worth RUB 887.2 billion, said, for XPRIMM News, Irina MERZLYAKOVA, President of Belarus Insurers Association, during the International Financial Forum in Yalta. Of these, voluntary insurance owns a share of 49.9% or RUB 443.1 billion.

During January - May of 2011, the insurance companies in Belarus underwrote premiums worth BYR 693.66 billion (EUR 97.60 million), about 39% higher than the similar time of 2010 (BYR 500.91 billion - EUR 70.48 million).

Insurance companies in Belarus recorded in 2010 gross written premiums worth USD 446 million, increasing by 26.1% in comparison with 2009, showed the data provided by the Ministry of Finances.

AXA announced on the December 29th 2010 its 80% B&B Insurance Belarus share purchase, a company holding the first place on the local profile market and the second place on the local non-life insurance market.

"The market is at an early stage, therefore the effects of the financial crisis were hardly felt, but we still have the major issue of the motor insurance, dominant in terms of market share", Irina MERZLYAKOVA, General Manager of the Belorussia Insurers' Association explained.

In the first quarter of 2010 Belorusian insurance companies have wrote EUR 76.8 million in premiums, an increase by 14.3% comparing to the same period of the previous year, according to local Ministry of Finance.

Polish-based PZU, the biggest insurance company on the local market, has expressed its interest in Belorussian state-owned insurer BELGOSSTRAKH, according to sources from the local market.
PZU may acquire the majority stake in BELGOSSTRAKH if the state concludes the privatization procedure, said the source. The first steps in this direction have already been made and the privatization is expected to be completed in December 2010.

Belorussian insurance companies have underwrote gross premiums of approximately EUR 280 million in 2009, an increase by 18.5% compared to 2008, according to Belorussian Ministry of Finance.