PM calls for stimulating Belarus’ insurance market

      Prime Minister of Belarus Mikhail Myasnikovich emphasized the need to invigorate the insurance market of Belarus at a session of the Finance Ministry.
The Premier noted that the efforts of the Finance Ministry have not led to any significant improvements in the insurance market. The share of insurance services in GDP dropped by 0.82% in 2012. In Russia the share of insurance services in GDP is 1.5 times bigger. The Finance Ministry has certain ideas on how to stimulate the insurance market, but the process has made little headway so far. “You say how good it will be, but it should be good now,” Mikhail Myasnikovich said. He reminded that insurance contributions should make up 1.2-1.3% of Belarus’ GDP by 2015. The responsibility to fulfill the target is vested in branch-wise authorities as well as the Finance Ministry, the Economy Ministry and the State Property Committee.
A single insurance market will be established in the Single Economic Space. “We should proceed from the fact that we will have to compete in the market environment of the Single Economic Space,” Mikhail Myasnikovich emphasized. Therefore, insurance companies should get concerned about their future,” the Premier added.