About Belarus RE


Results

2016



Over the period of its operation in 2016, RUE “Belarusian National Reinsurance Organization” entered into 12 675 reinsurance contracts on 49 classes of business, that is 2 903 contracts more than in 2015. The majority of the contracts have been concluded on export contracts – 4 422, land transport of enterprises – 3 135, cargo insurance – 2 519, industrial property – 1 042, civil liability of carrier and forwarder – 855.

The total amount of liability accepted made BYN 84,5 billion (without including Motor Third Party Liability Insurance in the Green Card System), that is 60% more than in 2015. The biggest part in the total amount of liability came to the insurance of:

  • aviation risks - 72,7%
  • industrial property - 19,5%

  • cargo - 3,7%

  • CAR/EAR - 0,8%

  • financial risks - 0,8%

  • space risks - 0,6%

  • others - 1,9%

In whole, reinsurance premium in the amount of BYN 63,0 million was written under concluded contracts (on risks accepted into reinsurance), that is BYN 14,2 million or 29,1% more than in 2015.

In the total amount of reinsurance premium received, the biggest part was taken by the reinsurance of:

  • financial risks (including export risks, credit risks) - 28,49%

  • industrial property - 25,26%

  • aviation risks (hull reinsurance, civil liability reinsurance) - 17,06%

  • Motor Third Party Liability in the Green Card System - 8,30%

  • space risks - 4,93%

  • CAR/EAR - 3,95%

  • cargo - 3,35%

  • land transport of enterprises - 1,64%

  • catastrophe risks -1,36%

  • others - 5,66%

With respect to forms of business, reinsurance portfolio was represented by 75,4% of facultative and 24,6% of treaty reinsurance.

The volume of premium ceded to retrocession amounted to BYN 29,8 million, including on aviation risks – BYN 8,0 million, Motor Third Party Liability in the Green Card System – BYN 3,8 million, obligatory reinsurance treaty on property, construction/erection and cargo risks – BYN 7,6 million, space risks – BYN 2,8 million, liability against customs authorities (TIR) – BYN 0,4 million, others – BYN 7,2 million.

In 2016, the insurance indemnity was paid in the amount of BYN 17,9 million, with the loss ratio of 28,41%, and BYN 8,9 million was paid by the retrocessionaires. Combined ratio in 2016 was 39,2%.

The profitability level of financial and economic activities – 12,8%.

The net profit amounted to BYN 9,9 million in 2016. This allowed the company to take the third place on the insurance market of the Republic of Belarus after BRUIC “Belgosstrakh” and BRUEEII “Eximgarant of Belarus”.

In comparison with 1st January 2016, the amount of owned capital increased by BYN 3 million and amounted to BYN 155,7 million as of 1st January 2017.

The authorized fund of the company made BYN 147,6 million as of 1st January 2017.

Within the obligatory transfer of liabilities, specified by the legislation, undertaken under voluntary non-life insurance contracts, exceeding the stated amount of liability, the state enterprise for 2016 received reinsurance premium in the amount of BYN 24,3 million from the insurance companies of the Republic of Belarus. That made 38,57% of the total amount of reinsurance premium received for the period reviewed. Under liabilities reinsurance contracts, not requiring their obligatory cession to the state reinsurer, the reinsurance premium was written in the amount of BYN 38,7 million (61,43% of the total amount of premium received).

In 2016, RUE “Belarusian National Reinsurance Organization” provided reinsurance protection under insurance contracts concluded with the following organizations of the Republic of Belarus:

  • JSC “Gazprom Transgaz Belarus”
  • JSC “Airline “Belavia”
  • JSC “Transaviaexport Airlines”
  • JSC “Mozyr Oil Refinery”
  • JSC “Belarusian Potash Company”
  • JSC “Savings Bank “Belarusbank”
  • OJSC “Bank BelVEB”
  • JSC “Belinvestbank”
  • JSC “Belagroprombank”
  • OJSC “BSW - Management Company of “BMC” Holding”
  • OJSC “BELAZ” - Management Company of Holding “BELAZ-HOLDING”
  • SPA “Belorusneft”
  • FCJSC “Heineken Breweries”
  • OJSC “Olivaria Brewery”
  • JSC “Lida Beer”
  • JSC “Promagroleasing”
  • UE “Coca-Cola Beverages Belorussiya”
  • JV LLC “Santa Bremor”
  • FLLC “VMG Industry”
  • CJSC “Shtadler Minsk”
  • ALUTECH Group of Companies and others.

In 2016, the cooperation of RUE “Belarusian National Reinsurance Organization” with foreign insurance, reinsurance companies and insurance brokers provided the formation of 906 outgoing reinsurance contracts (abroad) and 1542 incoming reinsurance contracts (from abroad). The volume of reinsurance premium written from foreign cedents amounted to BYN 10,1 million with 11,2% growth in comparison with 2015.

In 2016, the cooperation agreements in the sphere of risks reinsurance were negotiated with the following insurance and reinsurance companies:

  • Allianz Risk Transfer NV

  • LLC “Zetta Insurance”

  • DUNAV RE a.d.o.

  • JSC IC “Chulpan”

  • LLC “KRK-Insurance”

  • LLC IC “Civil Insurance House”

  • PJSC IC “Rosgosstrakh”

  • JSC “Russian National Reinsurance Company”

  • LLC IC “TIT”

  • JSC IC “PARI”

In addition, the cooperation agreements were negotiated with the following brokers:

  • Pharos Versicherungsmakler AG

  • LLC “Sberbank Insurance Broker”

  • LLC “Industrial Insurance Broker”

  • LLC Insurance Brokerage Company “Alternativa Plus”

As a part of compliance with transparency policy and bringing financial statements in line with the generally accepted international standards, the cooperation with the auditing company KPMG and rating agencies was continued. Fitch, in particular, assigned RUE “Belarusian National Reinsurance Organization” rating of financial stability of insurance company “B-”, outlook – Stable.



2015



Over the period of its operation in 2015, RUE “Belarusian National Reinsurance Organization” entered into 9,737 reinsurance contracts on 49 classes of business, that is 583 contracts more than in 2014. The majority of the contracts have been concluded on land transport of enterprises (3,631), export contracts (2,652), industrial property insurance (1,009), civil liability of carrier and forwarder (825), and cargo insurance (822).

The total amount of liability accepted made BYR 527,9 billion, that is 45% more than in 2014. The biggest part in the total amount of liability came to the insurance of

  • Aviation risk – 70.2%
  • industrial property insurance – 21.99%

  • cargo insurance – 2.3%

  • financial risk insurance – 1.13%

  • hull insurance – 0.62%

  • other – 1.84%

In whole, reinsurance premium in the amount of BYR 488,0 billion was written under concluded contracts (on risks accepted into reinsurance), that is BYR 150,6 billion or 44.63% more than in 2014.

In the total amount of reinsurance premium received, the biggest part was taken by reinsurance of

  • property reinsurance – 30.96%,

  • financial risks reinsurance – 25.56%

  • CAR/EAR – 5.17%

  • aviation risks reinsurance – 14.76%

  • vehicle owners in the “Green Card” system – 8.18%

  • CAT – 3.23%

  • hull reinsurance – 2.05%

  • cargo reinsurance – 2.5%,

  • liability against customs authority (TIR) – 1.55%,

  • others – 6.04%.

With respect to forms of business, reinsurance portfolio was represented by 77.55% of facultative and 22.45 % of treaty reinsurance.

The biggest part in the structure of reinsurance portfolio was taken by

  • property reinsurance – 33.21%,

  • aviation risks reinsurance – 31.75%,

  • reinsurance of civil liability of vehicle owners in the “Green card” system – 13.35%,

  • financial risks reinsurance – 2.73%

  • CAT – 1.76%

  • liability against customs authority (TIR) – 2.13%,

  • cargo reinsurance – 2.75%,

  • CAR/EAR reinsurance– 7.72%,

  • other – 3.07%.

In 2015, the insurance indemnity was paid in the amount of BYR 74.3 billion, with the loss ratio of 15.2%, and BYR 22.9 billion was paid by the retrocessionaires. Combined ratio in 2015 was 30.2%.

The profitability level of financial and economic activities - 14.4%.

The net profit amounted to BYR 110 bln. in 2015. This allowed the company to take the third place on the insurance market of Belarus after BRUIC Belgosstrakh and BRUEEII Eximgarant of Belarus.

In comparison with 1 January 2015, the amount of owned capital increased by BYR 109,4 billion and amounted to BYR 1,527.0 billion as of 1st January 2016.

The authorized fund of the company made BYR 1,417.0 billion as of 1 January 2016.

Within the obligatory transfer of liabilities, specified by the legislation, undertaken under voluntary non-life insurance contracts, exceeding the stated amount of liability, the state enterprise for 2015 received reinsurance premium in the amount of BYR 174,3 billion from Belarusian insurance companies. That made 35.72% of the total amount of reinsurance premiums received for the period reviewed. Under liabilities reinsurance contracts, not requiring their obligatory cession to the state reinsurer, there was written reinsurance premiums in the amount of BYR 313.7 billion (64.28% of total amount of premium received).

In 2015, RUE “Belarusian National Reinsurance Organization” provided reinsurance protection under insurance contracts concluded with the following organizations of the Republic of Belarus:

  • Gazprom Transgaz Belarus,

  • RUE “Belavia - National Airlines”,

  • RUE “Transaviaexport”,

  • JSC Mozyr Oil Refinery,

  • CJSC “Belarusian Potash Company”,

  • OJSC “Belarusbank”,

  • OJSC “BelVEB”,

  • Belinvestbank JSC

  • Belagroprombank JSC

  • BSW – Management Company of BMC Holding

  • OJSC "BELAZ" - Management Company of Holding "BELAZ-HOLDING"

  • Belorusneft PA RUE

  • Heineken Breweries FCJSC

  • Alivaria OJSC

  • Promagroleasing OJSC

  • Coca Cola Beverages Belarus

  • JV "Santa Bremor" LLC

  • 558 Aircraft Repair Plant, JSC and others.

  • SHTADLER MINSK CJSC

  • Kronospan FLLC OSB and others.

In 2015, the cooperation of RUE “Belarusian National Reinsurance Organization” with foreign insurance, reinsurance companies and insurance brokers provided the formation of 819 outgoing contracts (abroad) and 342 incoming reinsurance contracts (from abroad).

In addition, the cooperation agreements in the sphere of risks reinsurance were negotiated with the following companies in 2015:



  • Zurich Insurance Company Ltd. (Switzerland);

  • LLC Insurance Company “Independent Insurance Group” (The Russian Federation);

  • LLC IC “Selecta” (The Russian Federation);

  • OJSC “National Insurance Company “TATARSTAN” (The Russian Federation);

  • JSC IC “Investments and Finances” (The Russian Federation);

  • Marsh Europe S.A. (Belgium);

  • Risk Care Insurance Broking Services Limited (India);

  • Aspire Insurance Advisers (Great Britain).

As part of compliance with transparency policy and bringing financial statements in line with the generally accepted international standards, the cooperation with the auditing company “KPMG” and rating agencies was continued. Fitch, in particular, assigned RUE “Belarusian National Reinsurance Organization” rating of financial stability of insurance company “B-”, outlook – stable.



2014



Over the period of its operation in 2014, RUE “Belarusian National Reinsurance Organization” entered into 9,154 reinsurance contracts on 46 classes of business, that is 537 contracts more than in 2013. The majority of the contracts have been concluded on land transport of enterprises (3,882), export contracts (1,833), industrial property insurance (1,170), civil liability of carrier and forwarder (961), and cargo insurance (708).

The total amount of liability accepted made BYR 364,133,400 million, that is 51.5% more than in 2013. The biggest part in the total amount of liability came to the insurance of

  • Aviation risk – 62.06%
  • industrial property insurance – 31.28%

  • cargo insurance – 2.11%

  • financial risk insurance – 1.14%

  • hull insurance – 1.02%

  • other – 2.39%

In whole, reinsurance premium in the amount of BYR 337,419 million was written under concluded contracts (on risks accepted into reinsurance), that is BYR 24,126 million or 6.7% less than in 2013.

In the total amount of reinsurance premium received, the biggest part was taken by reinsurance of

  • property reinsurance – 30.65%,

  • financial risks reinsurance – 24.42%

  • CAR/EAR – 2.1%

  • aviation risks reinsurance – 13.14%

  • vehicle owners in the “Green Card” system – 12.95%

  • CAT – 4.14%

  • hull reinsurance – 3.15%

  • cargo reinsurance – 2.26%,

  • liability against customs authority (TIR) – 2.15%,

  • others – 5.04%.

With respect to forms of business, reinsurance portfolio was represented by 72.42% of facultative and 27.58 % of treaty reinsurance.

The biggest part in the structure of reinsurance portfolio was taken by

  • property reinsurance – 34.47%,

  • aviation risks reinsurance – 22.09%,

  • reinsurance of civil liability of vehicle owners in the “Green card” system – 20.94%,

  • financial risks reinsurance – 6.56%

  • CAT – 4.5%

  • liability against customs authority (TIR) – 3.16%,

  • cargo reinsurance – 2.64%,

  • CAR/EAR reinsurance– 1.85%,

  • other – 3.78%.

In 2014, the insurance indemnity was paid in the amount of BYR 34,010.4 million, with the loss ratio of 8%, and BYR 7.105 million was paid by the retrocessionaires

The profitability level of financial and economic activities - 29.5%.

The net profit amounted to BYR 104,700.7 mln. in 2014. This allowed the company to take the second place on the insurance market of Belarus after BRUIE “Belgosstrakh”.

Over the period of 2014, the combined ratio amounted to 26,7%.

In comparison with 1 January 2014, the amount of owned capital increased by BYR 75,410 million and amounted to BYR 1,417,648 million as of 1st January 2014.

The authorized fund of the company made BYR 1,307,001 million as of 1 January 2015.

Within the obligatory transfer of liabilities, specified by the legislation, undertaken under voluntary non-life insurance contracts, exceeding the stated amount of liability, the state enterprise for 2014 received reinsurance premium in the amount of BYR 79,208 million from Belarusian insurance companies. That made 23.47% of the total amount of reinsurance premiums received for the period reviewed. Under liabilities reinsurance contracts, not requiring their obligatory cession to the state reinsurer, there was written reinsurance premiums in the amount of BYR 258,211.5 million (76.53% of total amount of premium received).

In 2014, RUE “Belarusian National Reinsurance Organization” provided reinsurance protection under insurance contracts concluded with the following organizations of the Republic of Belarus:

  • Gazprom Transgaz Belarus,

  • RUE “Belavia - National Airlines”,

  • RUE “Transaviaexport”,

  • JSC Mozyr Oil Refinery,

  • CJSC “Belarusian Potash Company”,

  • OJSC “Belarusbank”,

  • OJSC “BelVEB”,

  • Belinvestbank JSC

  • Belagroprombank JSC

  • BSW – Management Company of BMC Holding

  • OJSC "BELAZ" - Management Company of Holding "BELAZ-HOLDING"

  • Belorusneft PA RUE

  • Heineken Breweries FCJSC

  • Promagroleasing OJSC

  • Coca Cola Beverages Belarus

  • JV "Santa Bremor" LLC

  • 558 Aircraft Repair Plant, JSC and others.

In 2014, the cooperation of RUE “Belarusian National Reinsurance Organization” with foreign insurance, reinsurance companies and insurance brokers provided the formation of 1,142 outgoing contracts (abroad) and 497 incoming reinsurance contracts (from abroad).

  • Insurance companies of the Republic of Belarus (11%);

  • Insurance and Reinsurance companies of Russia (42%);

  • Insurance and Reinsurance companies of Europe (40%);

  • Others (6%).

In addition, the cooperation agreements in the sphere of risks reinsurance were negotiated with the following companies in 2014:



  • IIC “Euro-policy”, LLC (Russia),

  • “United Insurance Company”, CJSC (Russia),

  • “Makc”, CJSC (Russia),

  • JLT Specialty Limited (Great Britain),

  • Societe de Courtage (Azerbaijan),

  • “Insurance Broker Top Time”, LLC (Russia)

As part of compliance with transparency policy and bringing financial statements in line with the generally accepted international standards, the cooperation with the auditing company “KPMG” and rating agencies was continued. Fitch, in particular, assigned RUE “Belarusian National Reinsurance Organization” rating of financial stability of insurance company “B-”.



2013



Over the period of its operation in 2013, RUE “Belarusian National Reinsurance Organization” entered into 8,617 reinsurance contracts on 43 classes of business, that is 338 contracts less than in 2012. The majority of the contracts have been concluded on land transport of enterprises (3,714), industrial property insurance (817), civil liability of carrier and forwarder (851), export contracts (2,137) and cargo insurance (499).

The total amount of liability accepted made BYR 240,292,074 million, that is 4.5% less than in 2012. The biggest part in the total amount of liability came to the insurance of

  • • industrial property insurance – 36.0%
  • • CAR/EAR – 33.8%

  • • Aviation risk – 22.5%

  • • cargo insurance – 4.0%,

  • • financial risk insurance – 1.2%.

  • • other – 2.5%

In whole, reinsurance premium in the amount of BYR 322,748 million was received under concluded contracts (on risks accepted into reinsurance), that is BYR 90,037 million or 38.7% more than in 2012.

In the total amount of reinsurance premium received, the biggest part was taken by reinsurance of

  • перестрахование гражданской ответственности владельцев транспортных средств, в системе «Зеленая карта» – 15,6%,

  • • property reinsurance – 23.0%,

  • • CAR/EAR – 19.4%

  • • vehicle owners in the “Green Card” system – 15.6%,

  • • financial risks reinsurance – 14.3%,

  • • aviation risks reinsurance – 12.7%,

  • • cargo reinsurance – 3.1%,

  • • liability against customs authority (TIR) – 3.0%,

  • • CAT – 2.4%

  • • others – 6.5%.

With respect to forms of business, reinsurance portfolio was represented by 79.87% of facultative and 20.13 % of treaty reinsurance.

The biggest part in the structure of reinsurance portfolio was taken by

  • • CAR/EAR reinsurance– 28.3%,
  • • aviation risks reinsurance – 19.3%,

  • • reinsurance of civil liability of vehicle owners in the “Green card” system – 18.9%,

  • • property reinsurance – 18.3%,

  • • financial risks reinsurance – 4.7%

  • • liability against customs authority (TIR) – 3.7%,

  • • cargo reinsurance – 3.2%,

  • • CAT – 1.8%

  • • other – 1.8%.

In 2013, the insurance indemnity was paid in the amount of BYR 39,258 million, with the loss ratio of 8.49%, and BYR 11.693 million was paid by the retrocessionaires.

The profitability level of reinsurance activities made 14.5%, profitability level of financial and economic activities - 34.6%.

Over the period of 2013, the combined ratio amounted to 26%.

In comparison with 1 January 2013 the amount of owned capital increased by BYR 87,139.9 million and amounted to BYR 1,342,238.5 million as at 1st January 2014.

The authorized fund of the company made BYR 1.226.841,7 million as at 1 January 2014.

Within the obligatory transfer of liabilities, specified by the legislation, undertaken under voluntary non-life insurance contracts, exceeding the stated amount of liability, the state enterprise for 2013 received reinsurance premium in the amount of BYR 128,195.5 million from Belarusian insurance companies. That made 39.72% of the total amount of reinsurance premiums received for the period reviewed. Under liabilities reinsurance contracts, not requiring their obligatory cession to the state reinsurer, there was received reinsurance premiums in the amount of BYR 194,552.5 million (60.28% of total amount of premium received).

In 2013, RUE “Belarusian National Reinsurance Organization” provided reinsurance protection under insurance contracts concluded with the following organizations of the Republic of Belarus:

  • • RUE “Belavia - National Airlines”,
  • • JSC Atomstroyexport,
  • • Gazprom Transgaz Belarus,
  • • JSC Mozyr Oil Refinery,
  • • JSC "MAZ" - managing company "BelavtoMAZ",
  • • OJSC “Belarusbank”,
  • • OJSC Priorbank,
  • • CJSC “Belarusian Potash Company”,
  • • LLC “VTB – Leasing”,
  • • RUE “Transaviaexport”,
  • • RUE “Minsk Tractor Works”,
  • • Grodnozhilstroy OJSC,
  • • OJSC “BelVEB”,
  • • OJSC “Promagroleasing”,
  • • OJSC “BMZ – holding management company “BMK,
  • • OJSC “Belagroprombank”,
  • • JSC Belshina,
  • • CJSC “Atlant”,
  • • UE “Minsk branch of the Belarusian railway”,
  • • IE “Coca-Cola Beverages Belarus” and others.

In 2013, the cooperation of RUE “Belarusian National Reinsurance Organization” with foreign insurance, reinsurance companies and insurance brokers provided the formation of 501 outgoing contracts (abroad) and 139 incoming reinsurance contracts (from abroad).

In 2013, the state enterprise was provided with retrocession coverage from :

  • • Lloyd’s syndicates (13.1%),
  • • SOVAG (11.4%),
  • • Hannover Re (6.2%),
  • • Munich Re (6.1%),
  • • Partner Re (5.6%),
  • • SCOR (5.4%),
  • • AIG (4.6%),
  • • Ingosstrakh (4.5%),
  • • SOGAZ (4.3%),
  • • Swiss Re (3.9%),
  • • EXIAR (2.5%),
  • • Transneft (2.3%),
  • • Generali IARD (2.1%),
  • • Amlin (2.0%),
  • • Deutche Re (1,8%),
  • • Alfa Insurance (1.7%),
  • • Catlin (1.0%),
  • • Berkshire Hathway (0.9%),
  • • Zurich Re (0.8%),
  • • Allianz (0.7%),
  • • insurance companies of the Republic of Belarus (7.5%),
  • • other insurance companies of Russia (6.3%),
  • • other insurance companies (5.3%).

In addition, the cooperation agreements in the sphere of risks reinsurance were negotiated in 2013 with the following companies:

  • • LLC Insurance Company “VTB Insurance” (Russia),
  • • “Sava Reinsurance Company d.d.” (Slovenia)
  • • “AzRe Reinsurance” OJSC (Azerbaijan)
  • • Rosles Re LLC (Russia)
  • • Insurance Center “SPUTNIK”, LLC (Russia)
  • • JSC «DK BTA Bank «BTA Insurance» (Kazakhstan)
  • • K.M. Dastur Reinsurance Brokers Pvt. Ltd. (India)
  • • Bharat Reinsurance Brokers Pvt. Ltd. (India)
  • • Almondz Insurance Broker Pvt. Ltd. (India)
  • • “Insurance Broker “Global Insurance Solutions” (Russia)
  • • MAI GEORGIA LTD Insurance Brokers (Georgia)
  • • Trinity Reinsurance Brokers Ltd. (India)
  • • Insurance Broker “Lancaster” LLC (Russia)

The cooperation with the international rating agency “Standard & Poor's” continued in 2013 with the view of promoting the state enterprise in the international market, further collaboration with Belarusian and foreign companies and also bringing the financial documents in line with international standards. The aim of RUE “Belarusian National Reinsurance Organization” cooperation with the international rating agency “Standard & Poor's” is to confirm the counterparty credit rating and insurance financial strength rating of the company. The cooperation with the auditing company “KPMG” aimed at bringing accounting and financial statements in line with the generally accepted international standards.



2012



Over the period of its operation in 2012, RUE “Belarusian National Reinsurance Organization” entered into 8,955 reinsurance contracts on 41 classes of business, that is 249 contracts more than in 2011. The majority of the contracts have been concluded on land transport of enterprises (4,466), industrial property insurance (1,164), civil liability of carrier and forwarder (750), export contracts (1,366) and cargo insurance (500).

The total amount of liability accepted made EUR 22,203.8 million, that is 41.1% more than in 2011. The biggest part in the total amount of liability came to the insurance of civil liability of

  • aircraft owners – 41.56%,
  • industrial property insurance – 34.28%,

  • cargo insurance – 4.05%,

  • %, financial risk insurance – 1.95%.

In whole, reinsurance premium in the amount of EUR 20,521.3 thousand was received under concluded contracts (on risks accepted into reinsurance), that is EUR 4,148.1 thousand or 25.3% more than in 2011.

In the total amount of reinsurance premium received, the biggest part was taken by reinsurance of civil liability of

  • vehicle owners in the “Green Card” system – 15.51%,

  • aviation risks reinsurance – 14.73%,

  • property reinsurance – 13.83%,

  • financial risks reinsurance – 13.66%,

  • liability against customs authority – 3.77%,

  • cargo reinsurance – 3.48%,

  • land transport reinsurance – 2.49%,

  • others – 6.42%.

With respect to forms of business, reinsurance portfolio was represented by 65.08% of facultative and 34.92 % of treaty reinsurance.

The biggest part in the structure of reinsurance portfolio was taken by

  • aviation risks reinsurance – 25.5%,
  • reinsurance of civil liability of vehicle owners in the “Green card” system – 24.0%,

  • CAR/EAR reinsurance– 17.6%,

  • space insurance – 7.4%,

  • property reinsurance – 6.8%,

  • reinsurance of liability against customs authority – 4.2%,

  • cargo reinsurance – 4.2%,

  • accident insurance – 2.0%,

  • others – 4.2%.

In 2012, the insurance indemnity was paid in the amount of EUR 1,976.04 thousand, with the loss ratio of 9.6%, and EUR 32.7 thousand was paid by the retrocessionaires.

The profitability level of reinsurance activities made 4.9%, profitability level of financial and economic activities - 21.6%.

Administrative expenses worked out to BYR 9,592.5 million (EUR 845.9 thousand) or 4.1 % of the premium received.

Over the period of 2012, the combined ratio amounted to 29%.

Compared to 1st January 2012, the amount of owned capital increased by BYR 757,403.6 million (EUR 66,790.4 thousand) and amounted to BYR 1,255,200.3 million (EUR 110,687.9 thousand) as at 1st January 2013. As at 1st January 2013, the authorized fund of the state enterprise made BYR 1,189,703.2 million (EUR 104,912.1 thousand).

Within the obligatory transfer of liabilities, specified by the legislation, undertaken under voluntary non-life insurance contracts, exceeding the stated amount of liability, the state enterprise for 2012 received reinsurance premium in the amount of EUR 4,607.58 thousand from Belarusian insurance companies. That made 22.45% of the total amount of reinsurance premiums received for the period reviewed. Under liabilities reinsurance contracts, not requiring their obligatory cession to the state reinsurer, there was received reinsurance premiums in the amount of EUR 15,913.74 thousand (77.55%).

In 2012, RUE “Belarusian National Reinsurance Organization” provided reinsurance protection under insurance contracts concluded with the following organizations:

  • RUE “Belavia - National Airlines”,
  • the National Academy of Sciences of the Republic of Belarus,
  • OJSC “Belarusbank”,
  • CJSC “Belarusian Potash Company”,
  • OJSC “Belvnesheconombank”,
  • LLC “VTB – Leasing”,
  • RUE “Transaviaexport”,
  • OJSC “Technopromexport”,
  • RUE “Minsk Tractor Works”,
  • OJSC “BelVEB”,
  • OJSC “Promagroleasing”,
  • OJSC “Minsk Automobile Plant”,
  • LLC “Eurotorg”,
  • IE “Lukoil – Belarus”,
  • OJSC “Belagroprombank”,
  • CJSC “Atlant”,
  • UE “Minsk branch of the Belarusian railway”
  • IE “Coca-Cola Beverages Belarus” and others.

In 2012, the cooperation of RUE “Belarusian National Reinsurance Organization” with foreign insurance, reinsurance companies and insurance brokers provided the formation of 522 outgoing contracts (abroad) and 193 incoming reinsurance contracts (from abroad).

In 2012, the state enterprise was provided with retrocession coverage from :

  • Lloyd’s syndicates (20.00%),
  • Huatai Property&Casualty (12.63%),
  • Munich Re (7,65%),
  • Partner Re (6,48%),
  • Hannover Re (5,25%),
  • Ingosstrakh (7.99%),
  • Alfa Insurance (1.20%),
  • Amlin (4,58%),
  • SCOR (4,39%),
  • Deutche Re (1,29%),
  • SOGAZ (0.71%),
  • insurance companies of the Republic of Belarus (9.64%),
  • other insurance companies of Russia (12.15%),
  • other insurance companies (5.35%).

In addition, the cooperation agreements in the sphere of risks reinsurance were negotiated in 2012 with the following companies:

  • CJSIC “Delta Insurance” (Republic of Belarus),
  • JSC Insurance Company GPI Holding (Georgia),
  • PJC “Alfastrakhovanie” (Ukraine),
  • CJSIC “INGO Armenia” (Armenia),
  • OJSIC “RESO - Guarantee” (Russia),
  • Huatai Property & Casualty Insurance CO., Ltd. (China),
  • CJSC “GUTA-Insurance” (Russia),
  • SCHWARZMEER UND OSTSEE Versicherungs-AG SOVAG (Germany),
  • HDI-Gerling Industrie Versicherung AG (Германия),
  • LLC “Giva Insurance Company” (Russia),
  • OJSC “EXIAR” (Russia),
  • LLC “KAMA RE reinsurance Company” (Russia),
  • LLC Insurance Company “VTB Insurance” (Russia),
  • LLC “Insurance broker AXIOM InRe” (Russia),
  • RFIB Group Ltd. (Great Britain),
  • Thompson Heath&Bond Limited (Colemont Insurance Brokers Limited) (Great Britain),
  • Alexandr Insurance Brokers (Lithuania),
  • LLC “LANART Insurance Broker” (Russia).

The cooperation with the international rating agency “Standard & Poor's” with the view of promoting the state enterprise in the international market, further collaboration with Belarusian and foreign companies and also to bring the financial documents in line with international standards continued in 2012. The aim of RUE “Belarusian National Reinsurance Organization” cooperation with the international rating agency “Standard & Poor's” is to confirm the counterparty credit rating and insurance financial strength rating of the company. The cooperation with the auditing company “KPMG” aimed at bringing accounting and financial statements in line with the generally accepted international standards.



2011



The cooperation with the international rating agency “Standard & Poor's” with the view of promoting the state enterprise in the international market, further collaboration with Belarusian and foreign companies and also to bring the financial documents in line with international standards continued in 2012. The aim of RUE “Belarusian National Reinsurance Organization” cooperation with the international rating agency “Standard & Poor's” is to confirm the counterparty credit rating and insurance financial strength rating of the company. The cooperation with the auditing company “KPMG” aimed at bringing accounting and financial statements in line with the generally accepted international standards.

The total amount of liability accepted made EUR 15,736.9 million, that is 13.6% more than in 2010. The biggest part in the total amount of liability came to:

  • the insurance of civil liability of aircraft owners – 76%,
  • industrial property insurance – 13.0%,

  • cargo insurance – 2.9%,

  • financial risk insurance – 2.8%.

In whole, reinsurance premium in the amount of EUR 16,373.3 thousand was received under concluded contracts (on risks accepted into reinsurance), that is EUR 2,250.3 thousand or 15.9% more than in 2010.

In the total amount of reinsurance premium received, the biggest part was taken by:

  • property reinsurance – 25.7%,

  • aviation risks reinsurance – 22.9%

  • financial risks reinsurance – 17.8%,

  • reinsurance of civil liability of vehicle owners in the “Green Card” system – 13%,

  • liability against customs authority (TIR) – 5.2%,

  • cargo reinsurance – 4.8%,

  • land transport reinsurance – 4.5%,

  • other types – 6.1%.

With respect to forms of business, reinsurance portfolio was represented by 65.1% of facultative and 34.9 % of treaty reinsurance.

The biggest part in the structure of reinsurance portfolio was taken by:

  • aviation risks reinsurance – 39.2%,
  • reinsurance of civil liability of vehicle owners in the “Green card” system – 21.0%,

  • property reinsurance – 24.3%,

  • reinsurance of liability against customs authority (TIR) – 6.3%,

  • cargo reinsurance – 3.5%,

  • other types – 5.7%.

In 2011, the insurance indemnity was paid in the amount of EUR 1,752.7 thousand (17.1% of reinsurance premiums received), with Reinsurers’ share in the amount of EUR 74.0 thousand.

The profitability level of reinsurance activities made minus 7.4%, profitability level of financial and economic activities – 15.2%.

Administrative expenses worked out to BYR 4,356.4 million (EUR 403.3 thousand) or 3.9 % of the premiums received.

Compared to 1st January 2011, the amount of owned capital increased by BYR 15,343.3 million (EUR 1,420.7thousand) and amounted to BYR 497,796.7 million (EUR 46,092.3 thousand) as at 1st January 2012.

As at 1st January 2012, the authorized fund of the state enterprise made BYR 477,703.2 million (EUR 44,231.8 thousand).

Within the obligatory transfer of liabilities, specified by the legislation, undertaken under voluntary non-life insurance contracts, exceeding the stated amount of liability, the state enterprise for 2011 received reinsurance premiums in the amount of EUR 3,057.8 thousand from Belarusian insurance companies. That made 18.7% of the total amount of reinsurance premiums received for the period reviewed.

Under liabilities reinsurance contracts, not requiring their obligatory cession to the state reinsurer, there was received reinsurance premiums in the amount of EUR 13,315.4 thousand (or 81.3% of the total premiums received).

In 2011, RUE “Belarusian National Reinsurance Organization” provided reinsurance protection under insurance contracts negotiated with the following organizations:

  • Conte Spa LLC;

  • Transaviaexport Airlines OJSC

  • Belavia Belarusian National Airlines

  • Belarusian Potash Company CJSC

  • Heineken Breweries FCJSC

  • Technopromexport OJSC

  • Rechitsapivo JV JSC

  • VMG Industry LLC.

  • Santa Bremor Joint Venture LLC

  • Devinvest LLC

  • Kommunarka JV JSC

  • Priorbank OJSC

  • 558 Aircraft Repair Plant JSC

  • Henkel Bautechnik LLC.

  • Belarusian National Library

  • Minsk Tractor Plant RUE

  • Minsk Princess Hotel, etc

In 2011, the cooperation of RUE “Belarusian National Reinsurance Organization” with foreign insurance, reinsurance companies and insurance brokers provided the formation of 404 outgoing contracts (abroad) and 187 incoming reinsurance contracts (from abroad).

In 2011, the state enterprise was provided with retrocession coverage from:

  • Lloyd’s syndicates (37.4%),

  • Munich Re (8,3%),

  • Partner Re (5,5%),

  • Hannover Re (4,3%),

  • Ingosstrakh (9.3%),

  • Chartis (7,5%),

  • Alfa Insurance (2.4%),

  • Amlin (2,3%),

  • SCOR (4,0%),

  • Allianz (2,0%),

  • Rosles Rе (1.9%),

  • insurance companies of the Republic of Belarus (5.6%),

  • other insurance companies of Russia (3.3%),

  • others (6%).

In addition, the cooperation agreements in the sphere of risks reinsurance were negotiated in 2011 with the following companies:

  • Vartma Insurance company PUIC

  • Vienna Insurance Group AG (Wiener Versicherung Gruppe),

  • Transneft Insurance company CJSC

  • Soglasie Insurance Company LLC,

  • Towarzystwo Ubezpieczen i Reasekuracji Allianz Polska Spolka Akcyjna,

  • INGO Ukraine

  • General Insurance Corporation of India,

  • Energogarant OJSC

  • Synergy Reinsurance Services, a.s.,

  • Marsh S.A.,

  • SCR Societe de Courtage en Reassurances S.A.,

  • European Insurance and reinsurance Brokers LLC

  • Colemont Insurance Brokers Limited,

  • AON Limited t/a AON Benfield,

  • Tower Insurance and Reinsurance Brokers (India) Private Limited,

  • Risk Management S.A.R.L.,

  • SCR Societe de Courtage en Reassurances S.A.,

  • Priorat Insurance Brokers

  • «GrECo JLT Re GmbH»

On 4 October 2011, Standard & Poor's international rating agency downgraded the counterparty credit rating and insurance financial strength rating of RUE “Belarusian National Reinsurance Organization” to “B-“. The outlook is negative.



2010



Over the period of its operation in 2010, RUE “Belarusian National Reinsurance Organization” entered into 6,515 reinsurance contracts on 46 classes of business, that is 1,774 contracts more than in 2009. The majority of the contracts have been concluded on land transport of enterprises (2,614), industrial property insurance (967), civil liability of carrier and forwarder (769), export contracts (661) and land transport of individuals (618).

The total amount of liability accepted made EUR 18,209.3 million, that is 1.3% more than in 2009. The biggest part in the total amount of liability came to the insurance of civil liability of aircraft owners – 74.9%, aviation hull insurance –9.9%, industrial property insurance – 6.4%,

In whole, reinsurance premium in the amount of EUR 14,122.9 thousand was received under concluded contracts (on risks accepted into reinsurance), that is EUR 3,047.4 thousand or 27.5% more than in 2009.

In the total amount of reinsurance premium received, the biggest part was taken by:

  • aviation risks reinsurance – 29% перестрахование авиарисков – 29%,

  • property reinsurance – 10.3%,

  • reinsurance of civil liability of vehicle owners in the “Green Card” system – 14.7%,

  • financial risks reinsurance – 12.6%,

  • cargo reinsurance – 4.6%,

  • land transport reinsurance – 4.9%,

  • liability against customs authority (TIR) – 5.8%,

  • other types – 18.1%.

With respect to forms of business, reinsurance portfolio was represented by 65.4% of facultative and 34.6 % of treaty reinsurance.

The biggest part in the structure of reinsurance portfolio was taken by:

  • aviation risks reinsurance – 46.6%,

  • reinsurance of civil liability of vehicle owners in the “Green card” system – 21.6%,

  • reinsurance of liability against customs authority (TIR) – 6.6%

  • property reinsurance – 5.5%,

  • cargo reinsurance – 5.4%,

  • other types – 14.3%.

In 2010, the insurance indemnity was paid in the amount of EUR 1,871 thousand (13.2% of reinsurance premiums received), with Reinsurers’ share in the amount of EUR 369.2 thousand.

During 2010, the profit from reinsurance activity amounted to BYR 6,160.3 m. Net profit for the accounting period – BYR 13,573.8 m.

The profitability level of reinsurance activities made 4%, profitability level of financial and economic activities – 27.3%.

Administrative expenses worked out to EUR 753.8 thousand, that is 24.9% more against 2009.

The owned capital amounted to EUR 121,228.6 thousand as at 1st January 2011 and increased by EUR 6,261.8 thousand (or 5.4%) against 2009.

As at 1st January 2011, the authorized fund of the state enterprise made EUR 118,244.7 thousand.

Within the obligatory transfer of liabilities, specified by the legislation, undertaken under voluntary non-life insurance contracts, exceeding the stated amount of liability, the state enterprise for 2010 received reinsurance premiums in the amount of EUR 2,940.9 thousand from Belarusian insurance companies. That made 20.8% of the total amount of reinsurance premiums received for the period reviewed.

Under liabilities reinsurance contracts, not requiring their obligatory cession to the state reinsurer, there was received reinsurance premiums in the amount of EUR 11,181.9 thousand (or 79.3% of the total premiums received).

In 2010, RUE “Belarusian National Reinsurance Organization” provided reinsurance protection under insurance contracts negotiated with the following organizations:

  • Conte Spa LLC

  • Transaviaexport Airlines OJSC

  • Belavia Belarusian National Airlines

  • Belarusian Potash Company CJSC

  • Lukoil – Belarus FE

  • Mobile TeleSystems LLC

  • Priorbank OJSC

  • 558 Aircraft Repair Plant JSC

  • Henkel Bautechnik LLC.

  • Mogilev synthetic fiber plant

  • Belarusian National Library

  • Minsk Tractor Plant RUE

  • Belwest LLC

  • Minsk Princess Hotel, etc

In 2010, the cooperation of RUE “Belarusian National Reinsurance Organization” with foreign insurance, reinsurance companies and insurance brokers provided the formation of 277 outgoing contracts (abroad) and 128 incoming reinsurance contracts (from abroad).

In 2010, the state enterprise was provided with retrocession coverage from:

  • Lloyd’s syndicates (36.7%),

  • Munich Re (12.3%),

  • Partner Re (4.4%),

  • Hannover Re (3.3%),

  • Ingosstrakh (9.4%),

  • Swiss Re (3.0%),

  • Amlin (2.7%),

  • SCOR (1.4%),

  • Allianz (3.8%),

  • insurance companies of the Republic of Belarus (2.7%),

In addition, the cooperation agreements in the sphere of risks reinsurance were negotiated in 2010 with the following companies:

  • AFM Insurance Brokers (Russia),
  • SCR Societe de Courtage en Reassurances S.A. (Russia),

  • Marsh –Insurance Brokers (Russia),

  • Colemont Insurance Brokers Limited (Russia),

  • Alternativa Insurance Brokerage Company (Russia),

  • Energozashchita Insurance Brokerage Company (Russia),

  • Greenstone Insurance and Reinsurance Broker SIA (Latvia)

  • Hannover Ruckversicherung AG (Germany).

RUE “Belarusian National Reinsurance Organization” also cooperates with the following companies

  • Challenge Group (Russia)
  • Deccan Insurance & Reinsurance Brokers Pvt.Ltd. (India).

In April 2010, Standard & Poor’s Rating Services assigned its “BB-” counterparty credit and financial strength ratings to Belarusian National Reinsurance Organization (Belarus Re).

The financial strength rating is an assessment tool and expert confirmation of Belarus Re position both in the internal and external market, as well as evidence that the company is able to fulfill its obligations.

The financial strength rating will enable the state enterprise to become more active in the international reinsurance market with the view of entry into new markets and raising funds from non-residents.

2009



Over the period of its operation in 2009, SUE “Belarusian National Reinsurance Organization” entered into 18 cooperation agreements with insurance (reinsurance) companies and 8 contracts with brokers of the Russian Federation and other countries.

The organization’s authorized capital and net worth as at 1 January 2010 amounted EUR 112,2 million and EUR 114,9 respectively.

There were made 4 744 reinsurance contracts and 825 retrocession contracts. Reinsurance premium received made EUR 11 075,5 thousand, premium ceded – EUR 6 920,1 thousand.

The structure of Belarus Re reinsurance portfolio is the following:

  • Aviation Risks – 37,0 %,

  • Property – 16,6 %,

  • “Green Card” Liability – 12,1 %,

  • Cargo – 7,8 %,

  • Liability against Customs Authorities – 6,4 %,

  • Land Transport – 3,9%,

  • Financial Risks – 3,5 %,

  • others – 12,7 %.

Reinsurance portfolio with respect to forms of business: facultative – 69,8 %, obligatory – 38,2 %.

For the period of 2009, Belarus Re was provided with retrocession coverage of

  • Lloyd’s syndicates (32,6 %),

  • Munich Re (10,9 %),

  • Hannover Re (4,9 %),

  • Ingostrakh (7,5 %),

  • Amlin (7,1%),

  • SCOR (2,2 %),

  • insurance companies of the Republic of Belarus (3,9 %).

The amount of liability accepted made EUR 17 984,7 million, the amount of liability ceded – EUR 10 248,6 million.

For the period of 2009, net profit amounted EUR 2 712,5 thousand.

Reinsurance premium share under liabilities reinsurance contracts, exceeding legislative standard of liability according to Article 32 of Decree of the President of the Republic of Belarus dated as of 25 August 2006 No.530, made 25,9 % of total premium received. Under liabilities reinsurance contracts, not requiring their compulsory cession to national reinsurer – 74,1 %.

In 2009, SUE “Belarusian National Reinsurance Organization” provided reinsurance coverage under insurance contracts with the following insureds:

  • CJSC “Best”,

  • CJSC “ Belarusian Potash Company”,

  • OJSC “ Grodno meat-packing plant”,

  • OJSC “ MAZ”,

  • “Belneftechim” concern enterprises,

  • LLC “Conte Spa”,

  • OJSC “Transaviaexport”,

  • SUE “Belavia – Belarusian Airlines”,

  • SP “Minsk Princess Hotel”,

  • SUE “Minsk Tractor Plant”,

  • CJSC “Atlant”,

  • CJSC “Viteks”,

  • JV LLC “Belita”,

  • SUE “Belmedpreporaty”,

  • SUE “National centre of Olympic training of equestrian and horse breeding” and others.



2008



Over the period of its operation in 2008, SUE “Belarusian National Reinsurance Organization” has concluded 18 Cooperation Agreements with insurance (reinsurance) companies of the Republic of Belarus, Russian Federation and other countries.

There were concluded 4 503 contracts of inward reinsurance and 915 contracts of outward reinsurance. Reinsurance premium received made EUR 6 076,1 thousand, ceded - EUR 3 366,6 thousand.

The structure of reinsurance portfolio is the following:

  • Aviation risks-25%,

  • Green Card Liability – 19%,

  • Property – 14%,

  • Liability against Customs Authorities – 12%,

  • Land Transport -8%,

  • Cargo – 7%.

In 2008, SUE “Belarusian National Reinsurance Organization” was provided with reinsurance coverage

  • Lloyd’s syndicates (33, 20%),

  • Munich Re (15,30%),

  • Hannover Re (15,10%),

  • Ingosstrakh (7,8%),

  • SCOR (6,9%),

  • insurance companies of the Republic of Belarus (4,7%).

The share of reinsurance premium under liabilities reinsurance contracts of insurance companies of the Republic of Belarus, exceeding legislative standard of liability, in compliance with Article 32 of Decree of the President of the Republic of Belarus dated as of August 25, 2006 No. 530 made 21,7% of total amount of reinsurance premium received. Under liabilities reinsurance contracts, not requiring their compulsory cession to national reinsurer, - 75,7%, reinsurance premium received from non-residents of the Republic of Belarus made 2,6 %.

The amount of liability undertaken by SUE “Belarusian National Reinsurance Organization” made EUR 7 983, 70 m, the amount of liability ceded - EUR 7 435,1 m.

In 2008, SUE “Belarusian National Reinsurance Organization” provided reinsurance coverage under insurance contracts, concluded with the following insureds:

  • SI “The Republican Research Centre for Oncology and Medicine Radiology named after N.N. Aleksandrov”;

  • SI “Belarusian National Library”

  • OJSC “ Olivaria” Brewing Company

  • SI “The Republican Clinical Hospital of Medical Rehabilitation”

  • Belarusian National Art Museum

  • LLC “Santa Bremor”

  • LLC “Mobile Telesystems”

  • CJSC “BelTechExport”

  • LLC “Conte Spa”

  • SUE ‘TransAVIAexport Airlines”

  • FE “Coca-Cola Beverage (Belarus)”

  • CJSC “ProstorMarket”

  • SUE “Belavia – Belarusian Airlines”

  • CJSC “Belarusian Potash Company”

  • OJSC “ Krynitsa”

  • “Belneftechim” enterprises

  • FE “Minsk Princess Hotel”

  • “Syabar” Brewing Company.

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