The National Bank of Belarus has worked out a project named "Strategy of developing financial market in 2016-2020", which involves liberalization of the local insurance market and the equal rights of private insurance with government organizations.

In particular, non-governmental insurance companies (or private insurance) can be granted the right to carry out mandatory insurance.

At the present time the insurance law doesn't allow private insurance companies to carry out mandatory types of insurance.

Thus, in case of adoption, the National Bank of Belarus expects a growth in competition and attractiveness of the domestic insurance market.

At the same time, according to the project, restrictions to state-owned enterprises in collaboration with private insurers will be cancelled, which under the current legislation should be served only by insurance companies with state ownership. According to the National Bank, the cancelation of this restriction will also contribute to the formation of a competitive environment in the domestic insurance market and the inflow of funds into the sector from the strategic investors.

In the first quarter of 2016 the local insurance market reached to BYR 2,349,922.06 million, up by 24.94%. To main driver of the positive market evolution was the life insurance segment, which increased by 63.94%, while non-life insurance went up by 22.18%.