The Analysis of the Insurance Market of the Republic of Belarus and its Financial Regulation

Abstract

The development of the global insurance market and the place of the Belarusian insurance market within it is analyzed in this article. The dynamics of insurance premiums and their growth rate over the previous 10 years are considered. The criteria for assessing the development of the insurance market are: a share of insurance premiums of the national market in the world market, a share of insurance premiums in GDP , the value of insurance premiums per capita in U.S. dollars and growth rates of the absolute value of premiums. The Belarusian insurance market is judged using five criteria : ownership , type of insurance , ways of providing insurance services, the volume of premiums per year, a share of equity in the insurance market of Belarus . The features of the financial regulation of insurance activities in Belarus are also discussed. The specific features such as the standard cost of doing business, limiting the amount of remuneration to intermediaries from insurance premiums , the use of special accounts for insurance payments , the regulation of investment of insurance reserves , solvency margin , the minimum size of authorized capital and tax regulation are identified .