For 9 months of 2022, total GWP of Belarusian insurers amounted to BYN 1,358.45 million (EUR 567.06 million). The y-o-y increase was only about 3%, according to data published by the Ministry of Finance of the Republic.

The model legislative act "On the system of compulsory insurance of civil liability of owners of vehicles of the Union State" may be adopted before the end of this year, BELTA reports referring to Viktor Pinsky, Chairman of the Commission of the Parliamentary Assembly of the Union of Belarus and Russia on legislation and regulations.

According to the press service of the Parliamentary Assembly of the Union State of Belarus and Russia, it is planned to introduce a single compulsory motor third party liability insurance policy in the Union State by mid-2023, BELTA reports.

The Council of Ministers of Belarus has determined authorized insurance organizations to make the initial payment of Belarus' share in the charter capital of the Eurasian Reinsurance Company (ERC) in 2022-2023 in the amount of 25%, BelTA wrote.

The insurance sector of Belarus ended the first half of the year with growth of 4.43% in local currency. GWP reached BYN 913.44 million (EUR 343.01 million), according to the data published by the Ministry of Finance of the Republic.

On July 7, Anatoly CHAYCHITS, General Director of the insurance company Belneftestrakh, was awarded the prize for "contribution to the development of the financial market in the field of insurance" on the occasion of the "Man of Action 2022" competition, BELTA reports.

In the first quarter of 2022, GWP of the Belarusian insurance sector reached BYN 476.76 million (EUR 144.11 million), up only 6.22% y-o-y in local currency, according to data released by the Belarusian Ministry of Finance.

MTPL and health insurance continue to lead the market. In 2021 MTPL segment in Belarus reached BYN 206.77 million (+10.2%)/~EUR 71.73 million. Paid claims in the segment amounted to BYN 152.2 million (+15.5%), according to the new edition of "Insurance in Belarus", prepared by the Belarusian Association of Insurers.

According to the press service of the Parliamentary Assembly of the Union of Belarus and Russia, following the last meeting of the Parliamentary Assembly Commission on Legislation and Regulations, it was decided to develop a model law on compulsory motor insurance, BELTA informed.

In 2021, total GWP of insurers amounted to BYN 1,726.57 million (EUR 598.96 million), which is 14.33% more y-o-y in local currency, according to the data published by the Ministry of Finance of the Republic. It should be noted that due to a significant change in the exchange rate of the Belarusian ruble against euro compared to December 2020, the market result in euro looks more impressive (+25.65%).

BelVEB Strakhovanie insurance company has "switched" from non-life to life insurance on January 3, 2022, which is the first and only such experience on the Belarusian insurance market, the Belarusian Association of Insurers reported.

In December 2021, the leader of the Belarusian insurance market, BELGOSSTRAKH, celebrates its 100th anniversary.

For the first 9 months of 2021, total GWP of the insurance sector of the Republic amounted to BYN 1 319.7 million (EUR 451.31 million), which is 20.30% more y-o-y in local currency, according to the data published on the website of the Ministry of Finance.

In accordance with the Order of the Ministry of Finance, from November 4, 2021, Gennady TIMOSHEVICH has been appointed new General Director of the Republican Unitary Enterprise "Belarusian National Reinsurance Organization" (Belarus Re), the reinsurer said.

The winners of the republican business competition "Noble Taler. Finance - 2021", the award ceremony took place on October 8 in Minsk. Business unions have awarded "Noble Taler" - the highest award of the business community of Belarus - to 12 financial organizations, according to the website of the

The draft law "On insurance activities" will be submitted to the House of Representatives in April 2022, Lyudmila NIZHEVICH, Chairperson of the Standing Committee on Budget and Finance of the Lower House, told BELTA.

In Belarus, voluntary pension insurance will be launched from October 1, 2022. On September 27, President of Belarus Alexander Lukashenko signed a decree "On voluntary insurance of additional funded pension", BELTA reports citing the press service of the head of state.

In 1H2021 GWP of insurance organizations of the republic amounted to BYN 874.7 million (EUR 290.11 million), which is about 18.6% more y-o-y, according to the data published by the Ministry of Finance.

In 2020, the budget of the public non-budgetary fund for social protection in the Republic of Belarus was executed with a surplus of BYN 213.9 million from professional pension insurance, said Yulia MURINA, Deputy Chairperson of the Standing Committee on Budget and Finance of the House of Representatives, BELTA informed.

In 1Q2021 the Belarusian insurance market grew by 18.15% to BYN 448.86 million (EUR 145.69 million), according to data published by the Ministry of Finance of the Republic. It should be noted that the market also recorded growth in EUR - by 10.42%.