In 1Q2023 the insurance sector grew by 13.51% to BYN 541.16 million (EUR 174.40 million). At that, non-life supported the market up-trend, while life insurance fell by almost 16% y-o-y, according to data published by the Ministry of Finance of the republic.

From June 1, 2023, car owners from Belarus won't be able to use Green Card international insurance policies when traveling to the European Union, Great Britain, and Switzerland, BELTA reports.

In 2022 total GWP of the insurance sector amounted to BYN 1,840.1 million (EUR 631.13 million), which is 6.6% more y-o-y, according to data published by the Ministry of Finance of the Republic.

2022 was not an easy year for the Belarusian insurance sector, the market growth was about 5%, which is the lowest in the last decade. At the same time, some insurance companies saw growth from 10 to 30% y-o-y. Others, on the contrary, recorded a drop in growth, as Irina MERZLYAKOVA General Director Belarusian Association of Insurers said.

The draft law "On Ratification of the Agreement on creation of the Eurasian Reinsurance Company" is being prepared for consideration in the House of Representatives in March.

The parliamentarians face the task of forming a single insurance market of the Union State, the Deputy Chairman of the Commission on Legislation and Regulations of the Parliamentary Assembly of the Union of Belarus and Russia, Chairman of the Standing Commission on Legislation and State Building of the Council of the Republic, Sergei Sivets said, BELTA reports.

With an average growth of the insurance market from 2% to 6%, the largest growth in 2022 was recorded by Imkliva Insurance (+36%), while among state insurers, Belgosstrakh had the largest growth rate (+11%).

A model legislative act "On the system of compulsory insurance of civil liability of owners of vehicles of the Union State" is planned to be adopted at the next session of the Parliamentary Assembly of the Union of Belarus and Russia, BELTA writes with reference to the representative of the Secretariat of the Parliamentary Assembly Aleksey ERSHOV.

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.