Belarus

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Location map
author: OCHA/ ReliefWeb


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

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

Macro indicators
* 2018 estimates
Surface:207,595km2
Population*:9.5million
Pop. density*:45.6people/km2
GDP*:49.2EUR billion
GDP/capita*:5,197.0EUR

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


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:10%
TOTAL NON-LIFE*:90%
Overall Property*:26%

Sources:





 


Statistics

Belarus 1Q2019 Rankings

Belarus 1Q2019 Market Portfolio


See all statistics

Latest news

BELARUS 1H2013: positive prospects for an opening market

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.

BELARUS: Foreign capital in insurance market on the rise

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: Insurance up 96% in 1Q2013

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.


BELARUS: BELARUS Re to positive from stable

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 Re.

BELARUS: FITCH affirms BELGOSSTRAKH and EXIMGARANT

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.

BELARUS, FY2012: The market was "hit" by a double-digit increase in GWP and profit

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).

BELARUS, 3Q2012: Insurance market has doubled y-o-y

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.

IFRS to enable BELARUSIAN companies to access international capital markets

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, 1H2012: The market continues its fast rise

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.

BELARUSIAN GWP rose 135% y-o-y in first Quarter

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 international projects.


BELARUS: The Finance Minister support the development of insurance market

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.

BELARUS: Insurance Companies Yielded $36 Million in January

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.

BELARUS, FY2011: Insurance market shocked by BYR "hyper-devaluation"

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%.


BELARUS: The profit has tripled in the first nine months

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.