Fitch Ratings has upgraded three state-owned Belarus insurers' Insurer Financial Strength (IFS) Ratings to 'B' from 'B-'. The outlooks are stable, reads the press release of the agency.

In 3Q2017, the Belarusian insurance market recorded a GWP growth of 5.25%, to BYN 780.94 million, mostly driven by the life insurance segment. Claims paid by insurers went down by 0.19% to BYN 393.22 million.

Financial market activity in Belarus depends on the pace of economic recovery. It is important that the National Bank and the government should be able to offer a competitive business environment for those markets. Today 75% of shares of Belarusian OAOs are owned by the state. The future of the financial market will depend how those shares get to that market and how they circulate there.

In 1H2017, the Belarusian insurance market recorded a market growth by 7.10%, to BYN 524.87 million, mostly driven by the life insurance segment.

Fitch Ratings has revised the Outlooks on three state-owned Belarus insurers to Positive from Stable while affirming the Insurer Financial Strength (IFS) Ratings at 'B-'. The affected insurers are Belarusian Republican Unitary Insurance Company (Belgosstrakh), Belarusian National Reinsurance Organisation (Belarus Re), Export-Import Insurance Company of the Republic of Belarus (Eximgarant).

In 1Q2017, the Belarusian market reported GWP of BYR 253.95 million, up by 8.07%. The main growth drivers were health, pension and life insurance with investment component, as well as property insurance.

According to data published by the Ministry of Finance of Belarus, the local insurance market reported aggregated GWP of BYN 971 million, 18% more y-o-y, supported by the life & health insurance (inclusing pensions).

Eximgarant of Belarus and the Chinese company Sinosure signed an agreement on cooperation, BelTA has learned.

The Belarusian parliament proposes to include insurance against bankruptcy in the Labour Code.

Belarusian insurance market totaled BYN 742 million (EUR 343 million) for the first nine months of 2016, 24.2% more y-o-y, according to the MoF market figures. In terms of paid claims, the market authority reported a 14.2% y-o-y increase, the 19 active market players paying almost BYN 394 million (EUR 182 million).

There are 26 banks, including 21 with foreign capital, operating in Belarus and five foreign institutions have their representative offices in the country, according to the country's National Bank. In January 2016, the banks' aggregate registered authorised capital amounted to 4.5 billion (or €2.2 billion), having increased by 33.4 per cent  compared to 2015.

Why is it profitable to insure contracts with foreign companies and how does it affect the development of export?

The National Bank is working on a financial market development strategy up to 2020, First Deputy Chairman of the Board of the National Bank Taras Nadolny said at the conference "The Role of the Export-Import Agency in the Belarusian Economy" on 7 October, BelTA has learned.

According to data provided by the Ministry of Finance of Republic of Belarus, the local insurance market saw a 22.7% positive evolution in GWP terms at the end of the first half of 2016.

The Belarusian market of insurance services should grow faster. Chairman of the Council of the Republic of the National Assembly of Belarus Mikhail Myasnikovich made the statement during the expanded participation session of the Presidium of the Council of the Republic of the National Assembly on 24 August, BelTA has learned. The session participants discussed the role and tasks of the upper chamber of the Belarusian parliament in implementing the priorities outlined by the main provisions of the 2016-2020 national social and economic development program.

Fitch Ratings has affirmed Belarus's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B-' with a Stable Outlook. The Short-Term Foreign-Currency and Local-Currency IDRs are affirmed at 'B' and the Country Ceiling at 'B-'.

The National Bank of Belarus has worked out a project named "Strategy of developing financial market in 2016-2020", which involves liberalization of the local insurance market and the equal rights of private insurance with government organizations.

Fitch Ratings has affirmed Belarusian Republican Unitary Insurance Company's (Belgosstrakh) Insurer Financial Strength (IFS) rating at 'B-'. The Outlook is Stable.

According to data published by the Ministry of Finance of Belarus, in the first quarter of 2016 the local insurance market reached to BYR 2,349,922.06 million, up by 24.94%. To main driver of the positive market evolution was the life insurance segment, which increased by 63.94%, while non-life insurance went up by 22.18%.

MOSCOW, June 28 (Fitch) Fitch Ratings has affirmed Export-Import Insurance Company of the Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS) rating at 'B-'. The Outlook is Stable.