national reinsurance organization. The results achieved in 2024 are characterized by significant growth, including in terms of the premium written from non-residents, as Olga Tarasevich, CEO of the organization said in an interview for the magazine “Insurance in Belarus”.
Total premiums under concluded reinsurance and insurance contracts for 2024 exceeded BYN 173 million (~EUR 47.73 million), or over 140% compared to the 2023, with the accepted liabilities of more than BYN 61 billion. Premium written from non-residents amounted to BYN 33.5 million and exceeded 2023 by 138.8%. The insurance reserves exceeded BYN 220 million, which is more than BYN 50 million higher than in 2023.
The structure of liability reinsurance accepted in 2024 shows that the largest share is occupied by property insurance of legal entities (30%), domestic compulsory civil liability insurance of vehicle owners (about 27%), insurance of aviation risks (13%), cargo (10%), Motor Hull (9%), financial risks (about 4%), other types of insurance account for about 7%.
Olga Tarasevich noted that Belarus Re, in close cooperation with colleagues from the Union State, ensured growth of service exports to the Russian Federation: in 2023 - by 1.9 times, in 2024 - almost 1.4 times.
The CEO of Belarus Re also noted that the organization's international relations are developing dynamically. Agreements and contracts were signed with companies from Uzbekistan: SQB Insurance, Infinity Insurance, INSON and others, which provided reinsurance capacity under the obligatory retrocession program for property risks of the organization in 2023-2024, as well as under other optional reinsurance contracts. Other partners from Uzbekistan (Uzbekinvest, INGO-UZBEKISTAN, Apex Insurance) also participate in the Belarus Re’s obligatory property program. Cooperation agreements and contracts were signed with a few insurance companies from Kyrgyzstan (Ingosstrakh (Kyrgyzstan), SAKBOL, AYU Garant), a company from Tajikistan - BIMA, other insurance companies and brokers from the CIS countries.
The organization has acquired new partners in the countries such as China, India, Vietnam, Egypt, Mongolia, the UAE, Zimbabwe, Oman, Nepal, Kenya and others.
In May 2024, Belarus Re was registered as a foreign reinsurer with the Insurance Supervision Service of India and, as a result, got an access to the Indian reinsurance market. Reinsurance agreements for several obligatory programs were signed with the largest companies in India, and reinsurance premiums were received.
Olga Tarasevich emphasized that priority is given to operations on an obligatory basis with minimum involvement of intermediaries in the reinsurance chain. The share of obligatory reinsurance in Belarus has increased from 51% to 61% in 2024 over four years. When analyzing the structure of the reinsurance premium in terms of the use of brokerage services, it is worth noting a decline from 36% to 12%, the CEO of Belarus Re added.
* 1 EUR = 3.6246 BYN (December 31st, 2024)
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