Recent amendments to the rules for investing insurance reserves have been made in the Republic of Belarus. The corresponding decree of the Council of Ministers d/d June 23, 2020 was published on the National legal internet portal, BELTA news agency reported.
In 1Q2020, the GWP of Belarusian insurance market amounted to BYN 379.9 million (~EUR 132 million*), in local currency reflecting an increase of 13% year-on-year, while in European currency the market growth rate was negative (-6.3%), as the data published by the Ministry of Finance show.
Sorainen, a fully integrated regional business law firm with offices throughout the region (in Estonia, Latvia, Lithuania, and Belarus), has advised ERGO Group on the sale of its non-life subsidiary in Belarus to the EUROINS Group, as CEE Legal Matters informed.
In 2019, the GWP of the Belarusian market amounted to BYN 1,403.4 million (~EUR 596.6 million), which is almost 14.5% more y-o-y in local currency. It's worth noting that the market growth rate remained mainly at the same level as a year before (+14.6% in 2018), maintaining its upward trajectory, the latest data from the Ministry of Finance of the Republic show.
Fitch Ratings affirmed insurer financial strength rating of the Belarussian insurance company - EXIMGARANT at 'B' with stable outlook, according to the agency's report
, published on May 05.
Bulgaria-based EUROINS Insurance Group (EIG) announced it completed the acquisition of RGO Belarus - a non-life subsidiary of Germany-based ERGO, part of MUNICH Re, after obtaining regulatory approvals from Ministry of Antimonopoly Regulation and Trade (MART) and Ministry of Finance.
Fitch Ratings affirmed insurer financial strength rating of the leading Belarussian insurance company - BELGOSSTRAKH at 'B' with stable outlook, according to the agency's report
, published on April 30.
As of January 1st, 2020, 16 insurance organizations and 30 insurance brokers were active on the insurance market of Belarus. Total number of insurers has not changed compared to 2018, according to the data of the Ministry of Finance of the Republic.
The main achievement in 2019 for the insurance market was adoption of the Presidential Decree No. 175, aiming at liberalization of the insurance business, according to the magazine "Insurance in Belarus".
The international rating agency Fitch Ratings affirmed the rating of BELEXIMGARANT at 'B' with a stable outlook, BELTA reports with a reference to the agency's press release.
From January to November 2019, the GWP of Belarusian insurers reached BYN 1.24 billion (~EUR 0.54 billion), which is 12.9% more y-o-y, as the statistical data published by the Ministry of Finance show.
Market GWP for 9 months of 2019 amounted to BYN 1.03 billion (EUR 455.06 million*), in local currency translating in an almost 13.70% increase y-o-y, as the data published by the Ministry of Finance of the Republic show.
According to the Belarusian Association of Insurers, from January to September 2019, local insurers paid almost BYN 9 million (~USD 4.5 million) for insurance against accidents and illnesses during travelling abroad, which is 23% more y-o-y, said the association in its press release.
The pension agreement d/d March 14, 2018 between Belarus and Czech Republic entered into force on October 1, as BELTA agency informed with reference to the Ministry of Labor and Social protection of Belarus.
Based on the decision of the Council of Ministers d/d August 29, 2019, from September 1st, innovations in compulsory insurance against industrial accidents and occupational diseases entered into force, BELTA news agency informs.
As of September 1, 2019, the limits of insurance indemnity for accidents, documented without traffic police, have increased from EUR 400 to EUR 800 in Belarus, the BELTA news agency informs.
In the first half of 2019, GWP of the Belarusian market amounted to BYN 689.9 million (EUR 296.72 million), which in local currency is 13.63% more y-o-y. At that, paid claims increased by only 9.16%, to BYN 333.56 million (EUR 143.46 million), data published by the Ministry of Finance show.
The Belarussian Ministry of Finance is preparing a concept bill "On insurance", which will establish a uniform approach for insurer activity, as well as expand possibilities for state and non-state insurers in compulsory insurance for placing and investing funds and insurance reserves, BELTA news agency reports.
GWP of Belarussian insurers from January to May this year amounted to BYN 578.9 million (~EUR 248.1 million), which is 13.8% more y-o-y, according to the Ministry of Finance of the Republic.