Belarus

Axco provides details on the life insurance sector including Belarusian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Belarus, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Belarus pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Belarus report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Summary and Trends

The Belarus life insurance market is relatively small with low premium expenditure in absolute terms, also low life insurance penetration and premium expenditure per capita compared with neighbouring peer markets, reflecting the condition of the Belarus economy (overwhelmingly state-owned with disposable incomes modest). The total life and pensions market in 2019 amounted to gross written premiums of BYN 169.34mn.

A new draft insurance law is to be submitted to parliament by April 2022. As well as updating insurance supervision, the intention is also to harmonise the regulatory environment with other members of the Eurasian Economic Union (EEU)...

Summary and Trends

Legislative changes to the pension system to tackle the problem of an increasing number of pensioners and a declining working population have been considered in the past but there are currently no plans to implement a compulsory funded component (pillar II). This means that pension provision in Belarus currently consists of social and pillar I pensions provided by the state social security system and voluntary supplementary pension insurance (pillar III) available from ...

Summary and Trends

State healthcare in Belarus is part of the social security system and the government has no plans to introduce a compulsory health insurance system which appears to be trending in other Commonwealth of Independent States (CIS) countries. The PMI market achieved strong growth in 2019 with gross written premiums of BYN 126.87mn. Tax incentives have helped ...