Over the period of its operation in 2018, RUE “Belarusian National Reinsurance Organization” entered into 13, 055 reinsurance contracts on 54 classes of business, which is 46 contracts more than in 2017. The majority of the contracts have been concluded for land transport of enterprises insurance contracts – 1,706, corporate property insurance – 1,043, contracts for civil liability of haulier and forwarder – 980, export contracts – 2,607, land transport of citizens – 105, cargo insurance – 5,011.
The total amount of liability accepted was 77.5 billion rubles. The biggest part in the total amount of liability accounted for the following insurance:
- Aviation – 67.8%
- Corporate property – 23.5%
- Cargo – 3.5%
- Financial risks – 1.4%
- others – 3.8%
Totally, reinsurance premium amounting to 94,374.0 thousand rubles was written under inwards reinsurance contracts, that is 9,036.3 thousand rubles or 10.6% more than in 2017.
In the total amount of reinsurance premium received, the biggest part was taken by the reinsurance of:
- Financial risks (including export risks, credit risks, bond issuer) – 36.6%
- Corporate property – 21.3%
- Green Card Motor Third Party Liability – 12.0%
- Aviation – 11.2%
- CAR/EAR – 4.6%
- Catastrophe hazard – 2.8%
- Space risks – 2.4%
- Cargo – 2.1%
- others – 7.00%
74.5% of reinsurance premiums written accounted for facultative reinsurance and 25.5% for treaty.
The volume of premium ceded to retrocession amounted to 36,419.0 thousand rubles, including on Aviation risks – 9,465.3 thousand rubles, Green Card Motor Third Party Liability 8,318.1 thousand rubles; Property risks – 6,682.9 thousand rubles, Financial risks – 4,377.6 thousand rubles, Construction/Erection Reinsurance 3,248,5 thousand rubles, Space risks – 1,726.3 thousand rubles, Cargo Risks – 855,8 thousand rubles, others – 1,744.5 thousand rubles.
For 2018, the insurance indemnity was paid for 14,352.9 thousand rubles, with the loss ratio of 15.2%, and 1,517.8 thousand rubles was paid by the Retrocessionaires. The combined ratio in 2018 was 30.5%.
The profitability level of financial and economic activities was 18.0%.
The net profit amounted to 15.4m rubles in 2018. This allowed the company to take the second position in the insurance market of the Republic of Belarus after BRUIC “Belgosstrakh”.
In comparison with 1st January 2018, the amount of the owned capital increased by 10.2m rubles and amounted to 179.5m rubles as of 1st January 2019.
The authorized fund of the company was 167.6m rubles as of 1st January 2019.
Within the obligatory transfer of liabilities, specified by the legislation, undertaken under voluntary non-life insurance contracts, exceeding the stated amount of liability, the premium written by the state enterprise for 2018 amounted to 23,480.3 thousand rubles received from the insurance companies of the Republic of Belarus. That made 24.9% of the total amount of reinsurance premium written. Under liabilities reinsurance contracts, not requiring their obligatory cession to the state reinsurer, the reinsurance premium was written in the amount of 70,893.7 thousand rubles or 75.1% of the total amount of premium written.
In 2018, RUE “Belarusian National Reinsurance Organization” provided reinsurance protection for the following companies of the Republic of Belarus:
- Gazprom Transgaz Belarus JSC
- Belarusian Potash Company JSC
- Belavia Belarusian Airlines
- Transaviaexport Airlines RUE
- Mozyr Oil Refinery JSC
- Naftan JSC
- Belarusbank JSC
- Bank BelVEB JSC
- Belinvestbank JSC
- Belagroprombank JSC
- BSW – Management Company of “BMC” Holding JSC
- Belorusneft RUE
- Minsk National Airport RUE
- National Library SE
- Alivaria Brewery JSC
- Lidskae Beer JSC
- Promagroleasing JSC
- Coca-Cola Beverages Belorussiya FE
- Santa Bremor JV LLC
- Velcom FE
- VMG Industry FLLC
- Stadler Minsk CJSC
- Falcon Investment Company
- ALUTECH Group of Companies and others
In 2018, the cooperation of RUE “Belarusian National Reinsurance Organization” with foreign insurance, reinsurance companies and insurance brokers provided the formation of 328 outward reinsurance contracts (abroad) and 4,611 inward reinsurance contracts (from abroad). The volume of reinsurance premium written from foreign cedents amounted to 15,455.7 thousand rubles with 127.7% growth in comparison with 2017.
In 2018, the Cooperation Agreements in the sphere of risks reinsurance were negotiated with the following insurance and reinsurance companies:
- Alltrust Insurance Company Limited (China)
In addition, the Cooperation Agreements were negotiated with the following brokers:
- Interregional Insurance Broker LLC (Russia)
- UIB Saudi for Insurance and Reinsurance Broking Company Ltd. (Saudi Arabia)
- Challenge Group Inc. (Malaysia)
- SL Insurance Brokers LLC (Russia).
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 Fitch Ratings was continued (Insurer Financial Strength (IFS) Rating upgraded to “B”. The Outlook is Stable. 03 October 2018. Fitch Ratings).