Fitch Ratings has affirmed Belarus's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B-' with a Stable Outlook. The Short-Term Foreign-Currency and Local-Currency IDRs are affirmed at 'B' and the Country Ceiling at 'B-'.

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.

Fitch Ratings has affirmed Belarusian Republican Unitary Insurance Company's (Belgosstrakh) Insurer Financial Strength (IFS) rating at 'B-'. The Outlook is Stable.

According to data published by the Ministry of Finance of Belarus, 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%.

MOSCOW, June 28 (Fitch) Fitch Ratings has affirmed Export-Import Insurance Company of the Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS) rating at 'B-'. The Outlook is Stable.

Total GWP by the Belarussian insurance market last year have risen by 12% y-o-y, to BYR 8,139 billion. In European currency, due to the local currency devaluation, the market figures show a quite different trend in GWP terms: EUR 400 million, or 20.66% less y-o-y.

Fitch Ratings has affirmed Export-Import Insurance Company of the Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS) rating at 'B-'. The Outlook is Stable.

In the first nine months, the Belarusian insurance market increased by 10.5% in the local currency. The devaluation of the Belarusian Ruble (BYR) against USD by 67% and 50% against EUR directly affected the volume of business and welfare of the citizens. As a result, insurance market decreased by 25.52% in European currency

The representative of the state insurance company visited the grave of the Belarusian hero of the 'Heavenly Hundred' in the village of Stsyah Pratsy near Homiel. He was called by the father of Mikhail to assess the damage inflicted by unknown vandals to the monument at the grave of his son. The monument had been insured.

The growth and strengthening of the crisis phenomenon due to the fall of oil prices (editor's note: On August, 2015 the cost of Brent crude oil fell below USD 42.87/per barrel, so once again the price for the Brent crude oil is close to its lowest level in six years), as well as the devaluation of RUB, the extending of sanctions for Russia (which is the main trade partner of the Republic of Belarus) and the fall on the Chinese stock market led to the low economic growth in Belarus last year.

According to the results published by the Belarusian Association of Insurers, in 1Q2015, total premiums in the insurance market have risen by 15% year-on-year to BYR 1,880 billion. In European currency, due to the devaluation of BYR in relation to EUR, the insurance market did not show growth in terms of GWP: EUR 118 million, or 2.2% less y-o-y. The claims paid by local companies reached BYR 993.88 million, up by almost 40% compared to 1Q2014.

We need to look into the possibility of floating the shares of Belarus' major companies on the world stock exchanges, Belarus President Alexander Lukashenko said during his annual address to the Belarusian people and the National Assembly on 29 April, BelTA has learned.

In 2014 Belarusian insurers received insurance premiums for direct insurance and coinsurance in the amount of BYR 7.3 trillion, 10.14% more as compared with January-December 2013 (BYR 6.6 trillion).

OAO EXIAR (The Export Insurance Agency of Russia) is interested in the implementation of new investment projects in Belarus, BelTA learned from the Information and Public Relations Office of the National Bank of the Republic of Belarus (NBRB) after NBRB Chairman of the Board Pavel Kallaur met with Piotr Fradkov, First Vice Chairman, member of the Board of the Russian bank Vnesheconombank, and Alexei Tyupanov, Chairman of the Management Board, Director General of OAO EXIAR.

Bermuda has launched a bid to drum up business in the former Soviet Union. A group from the Bermuda Business Development Agency (BDA) held a roadshow in the Belarusian capital of Minsk, hosted at the home of the British ambassador, aimed at boost business links with central and eastern Europe (CEE) countries.

A draft bill on introducing additions and amendments to the Tax Code passed the first reading at the Belarusian parliament on 11 December, BelTA has learned. The draft bill provides for the increase of the income tax rate from 12% to 13%. The funds will be used to support families with children, Finance Minister Vladimir Amarin said as he presented the draft bill in the House of Representatives.

In the first nine months of 2014, the total value of claims paid by the Belarusian insurance companies increased by 17.17% compared with 3Q2013, while premiums increased by only 11.87%. The level of insurance payments in the total amount of insurance premiums increased from 41.4% in the first nine months of 2013 to 43.3% in 3Q2014.

Since October 7, 2014 the Ministry of Finance of Belarus revoked the license of ROSGOSSTRAKH for insurance activities on the local market, the company announced in a press release.

The Belarusian and British insurance associations have agreed on cooperation. The agreement was reached during a visit of representatives of Belarusian insurance organizations to London on 2-7 November, BelTA learnt from the press service of the Foreign Ministry. The heads of the Belarusian Association of Insurers and the Association of British Insurers agreed on cooperation in sharing information and joint organization of training seminars.

The state insurance company Eximgarant of Belarus and the French credit insurer COFACE signed a memorandum of understanding, BelTA learnt from the Embassy of Belarus in France. The document envisages information sharing, hands-on experience and cooperation between the Eximgarant of Belarus and COFACE in insurance operations and export-import risks in transactions between economic entities of the two countries.