Location map
author: OCHA/ ReliefWeb

- Eastern Europe.
- Neighbors: Poland, Lithuania, Latvia, Russia, Ukraine.

- cold winters, cool and moist summers;
- transitional between continental and maritime.

Macro indicators
* 2018 estimates
Pop. density*:45.6people/km2
GDP*:49.2EUR billion

Currency: Ruble
Code: BYN
Since: 2016
- replaced the second Belarusian ruble (BYR)

Insurance market portfolio
* 2018 estimates
Overall Property*:26%



STATISTICS: BELARUS, 1H2015: Devaluation of the BYR against the "hard" currency had a negative influence on the main types of insurance that can be bought in foreign currency

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.

STATISTICS: BELARUSIAN insurers reported a 15% increase in GWP in the first quarter

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.

BELARUS' major companies urged to list on international stock exchange

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.

Russian export insurance agency interested in new projects in BELARUS

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 seeks business in BELARUS

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.

Amendments on income tax increase pass first reading in BELARUS

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.

Belarusian, British insurance associations agree on cooperation

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.

BELARUS, FRANCE set up joint commission for economic cooperation

An international agreement to set up a joint Belarusian-French intergovernmental commission for economic cooperation was signed in Paris in the presence of Belarusian Vice Prime Minister Piotr Prokopovich and French Secretary of State for Foreign Trade Mr Matthias Fekl, BelTA learned from the Belarusian Embassy in France.

Eximgarant of Belarus, French COFACE sign memorandum of understanding

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.

BELARUS: Belagroprombank receives EUR 18m loan from Austria's VTB Bank

Belagroprombank and VTB Bank (Austria) AG have signed a loan agreement. In line with the agreement the Austrian bank will provide Belagroprombank with a EUR 18 million loan, BelTA learned from Belagroprombank. Registered in 1991 Belagroprombank is one of Belarus' biggest commercial banks. The bank's major shareholders are the State Property Committee of Belarus (82.4%), the insurance company Belgosstrakh (9.6%), Belarusian National Reinsurance Organization (5.1%). The bank has over 46,000 corporate clients and 1.8 million individual customers.

BELARUS, 1Q2014: Market declined by 6.53% y-o-y

In 1Q2014 Belarusian insurers received insurance premiums for direct insurance and coinsurance in the amount of BYR 1,634,767.48 million, 6.53% less as compared with January-March 2013. The total value of claims paid by the insurance companies during January- March 2014 period reached BYR 712,026.13 million or EUR 52.47 million.