Belarus
BELARUS: 2020 was a difficult and unpredictable year for insurers, but at the same time ended well
In 2020, the insurance sector was no exception among the sectors of the Belarusian economy affected by COVID. According to ASOBA company, the most vulnerable types of insurance were such products as Green Card policies and voluntary insurance against accidents and illnesses for travelling abroad, which are the most profitable, writes the magazine Insurance in Belarus.
22 March 2021BELARUS: the rules of insurance of export risks amended
In Belarus, to support and stimulate exports, amendments have been made to the rules for insurance of export risks, BELTA informed with reference to the department for interaction with the media and editorial activities of the General Prosecutor's Office.
10 February 2021BELARUS: validity of MTPL policies may be extended to the entire territory of the Union State of Russia and Belarus
On January 20, at a meeting of the Commission of the Parliamentary Assembly of the Union of Belarus and Russia on legislation and regulations, it was proposed to extend validity of MTPL policies issued in Belarus and Russia to the entire territory of the Union State, BELTA informs.
27 January 2021BELARUS: from January to November 2020, the insurance market expanded by 8.8% y-o-y
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.
14 January 2021BELARUS: BELGOSSTRAKH has 99 years in insurance
On December 3rd, 2020, the Belarusian insurance company BELGOSSTRAKH celebrated its 99th anniversary in insurance, according to the company's website.
8 December 2020STATISTICS: BELARUS, 3Q2020: The market expanded by 6.43% y-o-y
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.
3 December 2020BELARUS: from November 1, the Social security treaty between the Republic of Belarus and the Republic of Moldova comes into force
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.
3 November 2020BELARUS: ASOBA - an improved version of BELKOOPSTRAKH
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.
16 October 2020BELARUS: the procedure for transferring insurance portfolios has been amended
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.
22 September 2020STATISTICS: BELARUS, 1H2020: Growth of paid claims more than twice outpaced GWP growth
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.
17 September 2020BELARUS: for the first five months of 2020, the market share of voluntary insurance reached 64%
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.
16 July 2020BELARUS: Insurers will be obliged to invest at least 35% of their reserves in government securities
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.
2 July 2020STATISTICS: BELARUS, 1Q2020: paid claims ratio went up exceeding 50%
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.
18 June 2020BELARUS: ERGO was advised on the sale of its Belarusian branch by Sorainen
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.
9 June 2020STATISTICS: BELARUS, FY2019: over 60% of all paid claims came from voluntary insurance lines
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.
14 May 2020BELARUS: EXIMGARANT affirmed at IFS 'B', outlook stable
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.
7 May 2020EIG entered Belarus upon completion of the acquisition of a unit of Germany's ERGO
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.
6 May 2020BELARUS: BELGOSSTRAKH affirmed at IFS 'B', outlook stable
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.
5 May 2020BELARUS: 2019 insurance reserves increased by almost 18% y-o-y
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.
23 April 2020BELARUS: new legislation, adopted in 2019, aims to liberalize the insurance market
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".
2 April 2020
