The Belarusian insurance market has accounted for EUR 293.64 million during the first six months of 2013, up by 56.30 %, compared with January-June 2012, according to the Belarusian Association of Insurers. Meanwhile, the total value of claims paid by the insurance companies during January- June 2013 period reached EUR 113.14 million.
The footprint of foreign insurers in the Belarusian insurance market is
increasing, with the Belarusian Association of Insurers saying the
presence of foreign capital has increased by more than 60% over the last
three years, Forinsurer reported.
Belarus' president has ordered the organizers of the 2014 ice hockey
world championship in the ex-Soviet nation to insure against losses in
case of a possible boycott.
Belarusian insurance market totaled BRY 1,749 billion (equivalent of EUR 157 million) during the first three months of 2013, up by 95.8%, compared to January-March 2012, The Belarusian Association of Insurers reported. Meanwhile, the total value of claims paid by the insurance companies during January-March 2013 period reached BYR 580 billion or EUR 52 million.
The Development Bank of the Republic of Belarus plans to take a decision
on its own insurance company before the end of the year, BelTA learned
from the bank.
Standard & Poor's Ratings Services said today that it had revised
its outlook on Belarusian National Reinsurance Organization (Belarus Re)
to positive from stable. At the same time we affirmed the 'B-'
counterparty credit and insurance financial strength ratings on Belarus
Fitch Ratings has affirmed Belarusian Republican Unitary Insurance
Company's (Belgosstrakh) and Export-Import Insurance Company of the
Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS)
ratings at 'B-'. The Outlooks are Stable.
The Belarusian insurance market continued its upward path stagnating last year as the local insurance companies collected premiums worth BYR 4,338 billion (EUR 382 million), up by over 83 percent y-o-y, informed the Belarusian Association of Insurers. In terms of paid claims, the Association reports a 4% y-o-y increase, the 24 market players paying almost BYR 2,065 billion (EUR 182 million).
Belarusian insurance market totaled BYR 3,566 billion for the first nine months of 2012, informed the Belarusian Association of Insurers, 98.5% more compared with January-September 2011. Calculating in the European currency, due the devaluation of BYR in relation to EUR, the insurance market shows a less pronounced increase: EUR 324 million, up 38% y-o-y.
The use of international financial reporting standards (IFRS) will help
Belarusian companies to get access to international capital markets,
chief of the main department for accounting, reporting and audit of the
Finance Ministry of Belarus Tatiana RYBAK told an online conference on
the BelTA website on 18 December.
Belarus-based export and import insurance company Beleximgarant has
pledged to provide insurance coverage for risks associated with export
contracts with Kazakhstan of Belarus' farming machinery producer
The Belarus government expects a skyrocketing growth of investment and
innovation efforts in the country in 2013, Prime Minister of Belarus
Mikhail Myasnikovich said on 19 September.
According to results published by the Belarusian Association of Insurers, in 1H2012, total premiums in the insurance market rose in local currency by over 120% year-on-year to BYR 1,966 billion. In European currency, due the devaluation of BYR in relation to EUR, the insurance market shows a moderate increase in terms of GWP: EUR 189.7 million, up 52.92% compared to 1H2011.
According to results published by the Belarusian Association of
Insurers, in 1Q2012, total premiums in the insurance market rose in
local currency by 135% year-on-year to BYR 893 billion. In European
currency, due the hyper-devaluation of BYR in relation to EUR, the
insurance market did not show growth in terms of written premiums: EUR
83.4 million, representing a decrease of 5.6%. Despite this "sensible
reality", last month, the FITCH Agency granted state insurance companies
the stable outlook. Thus, the financial strength rating of
BELGOSSTRAKH, BELEKSIMGARANT and Belarusian National Reinsurance
Organization coincides with the country rating: B-; "stable" outlook.
According to FITCH, the positive evaluation will have a positive impact
on the investment inflow and participation of organizations in
The Fitch Agency granted state insurance companies the stable outlook.
According to Belarusian Telegraph Agency (BelTA), a draft decree has submitted to develop insurance services in Belarus. Last week, the Finance Minister, Andrei KHARKOVETS, in a session of the Council of Ministers Presidium, has discussed about the implementation of the 2011-2015 insurance development program and measures to improve insurance effectiveness.
In January 2012, the existing insurance companies of Belarus received Br295.3 billion of insurance premiums for direct insurance and coinsurance (about $36 million). The income increase amounted to Br171.2 billion, or 138% at current prices compared to January 2011. This was reported in the Ministry of Finance of Belarus.
According to results published by The Belarusian Association of Insurers, in 2011, total premiums in the insurance market rose in local currency by 76% year-on-year to BYR 2,362 billion. In European currency, due the devaluation of BYR in relation to EUR, the insurance market did not show growth in terms of written premiums: EUR 219 million, representing a decrease of 35%.
Belarusian insurance companies expect the total value of insurance premiums collected in 2011 to reach $250-300 million, chief of Belarus' Insurers Association Irina Merzlyakova told a press conference on Thursday.
During January - September of 2011, the insurance companies in Belarus underwrote premiums worth BYR 1,527.25 (EUR 200 million), about 58% higher than the similar time of 2010. Altogether, the insurance companies paid claims of BYR 879.45 billion (EUR 115 million), 53% higher than in the similar period of 2010, according to the data published by the The Belarusian Association of Insurers.