STATISTICS:

One of the oldest Belarusian insurers B&B Insurance went out of business

The Ministry of Finance of Belarus on April 11 revoked a license of the Open Joint-Stock Insurance Company B&B Insurance Co. The insurer's license was earlier suspended in December of 2017.

The Ministry allowed the insurer time for satisfying the regulator's requirements on availability of equity on bank accounts in the minimal amount that would secure the created insurance reserves. However, the insurer failed to increase the equity amount on its bank accounts.

B&B Insurance Co had been working in the insurance market since 1995. Before the Ministry already had some questions to the insurer regarding its property investments. In 2014 the insurer's license was suspended for the 1st time. In March 2018 the company's management decided to voluntarily surrender the license due to impossibility to satisfy the regulator's requirements with the established period.

Based on 2017 result B&B Insurance Co took 11th place in the market in terms of GWP, at that the market is represented by 22 insurance companies.





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