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.
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".
The international rating agency Fitch Ratings affirmed the rating of BELEXIMGARANT at 'B' with a stable outlook, BELTA reports with a reference to the agency's press release.
From January to November 2019, the GWP of Belarusian insurers reached BYN 1.24 billion (~EUR 0.54 billion), which is 12.9% more y-o-y, as the statistical data published by the Ministry of Finance show.
Market GWP for 9 months of 2019 amounted to BYN 1.03 billion (EUR 455.06 million*), in local currency translating in an almost 13.70% increase y-o-y, as the data published by the Ministry of Finance of the Republic show.
According to the Belarusian Association of Insurers, from January to September 2019, local insurers paid almost BYN 9 million (~USD 4.5 million) for insurance against accidents and illnesses during travelling abroad, which is 23% more y-o-y, said the association in its press release.
The pension agreement d/d March 14, 2018 between Belarus and Czech Republic entered into force on October 1, as BELTA agency informed with reference to the Ministry of Labor and Social protection of Belarus.
Based on the decision of the Council of Ministers d/d August 29, 2019, from September 1st, innovations in compulsory insurance against industrial accidents and occupational diseases entered into force, BELTA news agency informs.
As of September 1, 2019, the limits of insurance indemnity for accidents, documented without traffic police, have increased from EUR 400 to EUR 800 in Belarus, the BELTA news agency informs.
In the first half of 2019, GWP of the Belarusian market amounted to BYN 689.9 million (EUR 296.72 million), which in local currency is 13.63% more y-o-y. At that, paid claims increased by only 9.16%, to BYN 333.56 million (EUR 143.46 million), data published by the Ministry of Finance show.
The Belarussian Ministry of Finance is preparing a concept bill "On insurance", which will establish a uniform approach for insurer activity, as well as expand possibilities for state and non-state insurers in compulsory insurance for placing and investing funds and insurance reserves, BELTA news agency reports.
GWP of Belarussian insurers from January to May this year amounted to BYN 578.9 million (~EUR 248.1 million), which is 13.8% more y-o-y, according to the Ministry of Finance of the Republic.
Presidential Decree #175 "On insurance" d/d May 11, 2019 calls for a number of significant changes for the insurance market from September 1, 2019, Minsk-News reports.
In 1Q2019, GWP of the Belarusian market amounted to BYN 336.41 million (EUR 140.82 million), 12.30% more y-o-y, data published by the Ministry of Finance, show.
In 2018, total market GWP reached BYN 1,226.04 million (EUR 495.69 million), which is 14.57% more y-o-y, according to figures published by the Ministry of Finance of the Republic. Market growth in Euro looks much more moderate (9.10%).
On April 5, 2019 S&P Global Ratings affirmed a 'B/B' long and short-term foreign and local currency sovereign ratings for Belarus, the outlook remains stable, the agency reported.
In January 2019, local market GWP amounted to BYN 123.8 million (+16.4% y-o-y), according to market figures published by the Ministry of Finance of the Republic.
Bulgaria-based Euroins Insurance Group (EIG) has made a purchase agreement with Germany-based ERGO International AG for buying 4 ERGO insurance companies. EIG will take control over ERGO's life and non-life subsidiaries in Romania and Czech Republic, as well as the non-life company in Belarus.