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Belarus FY2021 Market Rankings
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BELARUS: Belarusian association of insurers: MTPL and health insurance are leading the market
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.
27 April 2022BELARUS: a model law on compulsory motor insurance to be developed in the Union State of Belarus and Russia
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.
27 April 2022STATISTICS: BELARUS, FY2021: the market expanded by more than 14% y-o-y (in local currency)
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%).
19 April 2022BELARUS: BelVEB Strakhovanie moved from non-life to life insurance
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.
10 January 2022BELARUS: the leader of the insurance market - BELGOSSTRAKH celebrates its 100th anniversary
In December 2021, the leader of the Belarusian insurance market, BELGOSSTRAKH, celebrates its 100th anniversary.
7 December 2021STATISTICS: BELARUS, 3Q2021: level of paid claims in total GWP exceeded 58%
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.
22 November 2021BELARUS: General Director of the Belarusian National Reinsurance Organization has been appointed
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.
15 November 2021BELARUS: StrahExpertGroup won the Best Broker nomination in the insurance sector
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
13 October 2021BELARUS: The draft law "On insurance activities" to be submitted to the House of Representatives in April 2022
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.
5 October 2021BELARUS: voluntary pension insurance to be launched from October 1, 2022
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.
28 September 2021STATISTICS: BELARUS, 1H2021: the market expands by more than 18% y-o-y
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.
7 September 2021BELARUS: in 2020 the budget of the public non-budgetary fund for social protection executed with a surplus
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.
23 June 2021STATISTICS: BELARUS, 1Q2021: the market grew by more than 18% in BYN, and by more than 10% in EUR
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%.
10 June 2021BELARUS: this year the Belarusian Transport Insurance Bureau celebrated its 22nd anniversary
In February 2021, the Belarusian Transport Insurance Bureau celebrated its 22nd anniversary. The magazine Insurance in Belarus notes that for many years the level of coverage with this type of insurance has been about 98% and according to this indicator in the Green Card system, the Republic of Belarus occupies one of the leading positions.
4 May 2021STATISTICS: BELARUS, FY2020: the level of paid claims in total GWP increased to almost 54%, while the share of business expenses decreased to 22%
In 2020, total GWP of the Belarusian insurance market amounted to BYN 1,510.2 million (EUR 476.70 million), which is 7.61% more y-o-y in BYN. At the same time, total number of insurance contracts decreased by 16.5%, according to the data published by the Ministry of Finance of the Republic.
29 April 2021BELARUS: 2020 was a difficult and unpredictable year for insurers, but at the same time ended well
In 2020, the insurance sector was no exception among the sectors of the Belarusian economy affected by COVID. According to ASOBA company, the most vulnerable types of insurance were such products as Green Card policies and voluntary insurance against accidents and illnesses for travelling abroad, which are the most profitable, writes the magazine Insurance in Belarus.
22 March 2021BELARUS: the rules of insurance of export risks amended
In Belarus, to support and stimulate exports, amendments have been made to the rules for insurance of export risks, BELTA informed with reference to the department for interaction with the media and editorial activities of the General Prosecutor's Office.
10 February 2021BELARUS: validity of MTPL policies may be extended to the entire territory of the Union State of Russia and Belarus
On January 20, at a meeting of the Commission of the Parliamentary Assembly of the Union of Belarus and Russia on legislation and regulations, it was proposed to extend validity of MTPL policies issued in Belarus and Russia to the entire territory of the Union State, BELTA informs.
27 January 2021BELARUS: from January to November 2020, the insurance market expanded by 8.8% y-o-y
In the first eleven months of 2020, GWP of the Belarusian insurance market amounted to approximately BYN 1.36 billion (~EUR 0.44 billion*), which is 8.8% more y-o-y, according to the Ministry of Finance of the Republic.
14 January 2021BELARUS: BELGOSSTRAKH has 99 years in insurance
On December 3rd, 2020, the Belarusian insurance company BELGOSSTRAKH celebrated its 99th anniversary in insurance, according to the company's website.
8 December 2020
