Lukashenko: BELARUS' insurance market needs a boost

25 March 2014 —
The insurance market in Belarus should develop more vigorously, Belarusian President Alexander Lukashenko said at a session to discuss the insurance market of Belarus on 21 March, BelTA has learnt.
"One should not forget that insurance is among the strategic economic sectors. It is designed to guarantee the protection of property interests of individuals and companies, and also to raise long-term financial resources, the so-called long-term money, into the domestic economy," the head of state said. In his words, this sector should operate smoothly, without any failures and setbacks, accumulating the necessary insurance reserves and rationally distributing financial flows in the best interests of the state and people.
Alexander Lukashenko noted that a lot has been done to promote the insurance market in Belarus. The government passed a targeted nationwide program set to run until 2015 and established the necessary agencies. Now there are 25 insurance companies in Belarus; the volume of insurance contributions has been on the rise.
"However, generally speaking, the domestic insurance market lags behind the insurance markets of European countries and Belarus' partner states in the Single Economic Space. In Europe the penetration of the insurance sector in the economy is three times higher than in Belarus. We are far behind them in terms of the per capita insurance contributions. The figure stands at $80 in Belarus, while in Russia it is nearly $200," the President said.
"The conclusion is obvious: the potential of the insurance market is not used in full. We need some dramatic measures to stimulate the market," Alexander Lukashenko believes. In his view, it is high time to advance this important sector to a much higher level of development.

Lukashenko: BELARUS' insurance market needs a boost
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