Over the period of its operation in 2020, Belarus Re entered into 16,112 reinsurance contracts on 54 classes of business. The majority of the contracts have been concluded for cargo insurance – 2,763, export contracts – 1,173, aircraft insurance – 822, property of the enterprises – 1,372, contracts for civil liability of haulier and forwarder – 979, land transport of enterprises insurance contracts – 2,974, land transport of the individuals – 2,504.

The total amount of liability accepted was 89.9 billion rubles. The biggest part in the total amount of liability accounted for the following insurance:

  • Aviation – 60.80%
  • Corporate property – 21.85%
  • Automobile liability insurance – 9.62%
  • Cargo – 3.93%
  • Others – 3.80%

Totally, reinsurance premium written amounting to 122,006.6 thousand rubles, which is 26,853.1 thousand rubles or 28.22% more than in 2019.

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

  • Corporate property – 44.19%
  • Aviation – 12.61%
  • Financial risks (including export risks, credit risks, bond issuer) – 8.02%
  • CAR/EAR – 7.26%
  • CAT – 6.13%
  • Automobile liability insurance – 5.58%
  • Green Card – 3.43%
  • Hull – 2.74%
  • Others – 10.04%

49.44% of reinsurance premiums written accounted for facultative reinsurance and 50.56% for treaty.

The volume of premium ceded to retrocession amounted to 42,609.58 thousand rubles, including retrocession to foreign companies in the amount of 34,672.65 thousand rubles or 81.37%.

  • Aviation risks – 13, 893.90 thousand rubles,
  • Property risks – 12, 021.14 thousand rubles
  • CAR/EAR- 5, 911.42 thousand rubles,
  • Green Card – 3, 132.39 thousand rubles,
  • Financial risks – 2, 579.39 thousand rubles
  • Space – 2, 088.03 thousand rubles
  • Cargo Risks – 1, 108.04 thousand rubles,
  • CAT –702.43 thousand rubles
  • Others – 1, 372.84 thousand rubles


For 2020, the insurance indemnity was paid for 44,065.54 thousand rubles, with the loss ratio of 36.12%, and 5,674.40 thousand rubles was paid by the Retrocessionaires. The combined ratio in 2020 was 78.70%.

The profitability level of financial and economic activities was 7.3%. The net profit amounted to 15.4m rubles in 2020. This allowed the company to take the third position in the insurance market of the Republic of Belarus.

In comparison with 1 January 2020, the amount of the owned capital increased by 76.5m rubles and amounted to 265.7m rubles as of 1 January 2021.

The authorized fund of the company – 243.8m rubles as of 1 January 2021.

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 2020 amounted to 32,892.20 thousand rubles received from the insurance companies of the Republic of Belarus. That made 27.96% 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 for 89,109.36 thousand rubles or 73.04% of the total amount of premium written.

In 2020, the cooperation of RUE “Belarusian National Reinsurance Organization” with foreign insurance, reinsurance companies and insurance brokers provided the formation of 3,186 outward reinsurance contracts (abroad) and 3,760 inward reinsurance contracts (from abroad). The volume of reinsurance premium written from foreign cedents amounted to 53,350.0 thousand rubles or 213.4% of the planned 25,000 thousand rubles for 2020.

The portfolio of the state enterprise comprises about 43.73% of international business.

To allocate huge risks exceeding potential retention of the insurance market of the Republic of Belarus, as well as to extend cooperation with the international market and earn reinsurance premiums for the Republic of Belarus, the Cooperation Agreements in the sphere of risks reinsurance (retrocession) were negotiated

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 affirmed at “B”. The Outlook is Negative. 20 November 2020. Fitch Ratings).


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