OREANDA-NEWS. November 29, 2011. In 1976 Ingosstrakh Insurance Company established its representative offices in Minsk, Brest and Grodno. That particular date marked the beginning of the company’s work at the Belarusian insurance market. On November 25, 1991 the Board of Ingosstrakh Insurance Company decided to establish a subsidiary insurance company, Belingosstrakh Insurance Company, based on its three representative offices in Belarus.

On September 28, 1992 Belingosstrakh Insurance Company was transformed into joint-stock insurance company, whose founders, except for Ingosstrakh Insurance Company, were the Belarusian Administration of Civil Aviation and the State Committee for Foreign Economic Relations of the Republic of Belarus. On June 17, 2004 the company was renamed closed joint-stock Insurance Company BelIngostrakh.

In August 2004 BelIngostrakh Insurance Company signed agreement on entrance into the international insurance group INGO. The company carries out joint activities with the members of the INGO group in the sphere of insurance and reinsurance to provide clients with sound financial protection of their interests.

Over the last years BelIngostrakh Insurance Company was continuously developing and has become a universal insurer, having taken a leading position among private insurance companies in the Belarusian market, using the experience and the standards of business process engineering of Ingosstrakh Insurance Company as a major shareholder and a leading insurer of the Russian Federation.

BelIngostrakh Insurance Company offers a wide range of insurance services. The company has a license for 29 types of insurance.

The largest clients of the company include VTB-Lizing JLLC, Coca-Cola Beverages Belarus FE, Jokey Plastik Mogilev JLLC, Bahco Bisov SP, TechnoTeks ALC, BelGro Foreign LLC, Kristallintertrans JV, Genty Group, ARTPOL LLC, EDEN LLC, Avegro-Mos JLLC and many others.

Charges of insurance premium of BelIngostrakh Insurance Company for direct insurance in January–October 2011 amounted to 24,632.6 mln. rubles. The growth rate of insurance premium of BelIngostrakh Insurance Company amounted to 58.14 % during this period compared to the same period in 2010. Fire insurance (growth rate of 155.23 %), health insurance (growth rate of 78.22 %), accident and illness insurance (growth rate of 66.94 %), insurance of transport operators (growth rate of 51.49 %), motor own damage insurance (growth rate of 50.09 %) became the most dynamically developing sectors.

According to the results of the 10 months of 2011 the charges of insurance premium received by the company exceeded the forecast targets for 2011 as a whole.

BelIngostrakh Insurance Company has a balanced insurance portfolio. Its largest share is occupied by motor insurance, accident and illness insurance and fire insurance.

The highest rates of growth in charges of insurance premium were achieved in the representative office of Brest (78 %) and in the Minsk insurance departments (59 %) in January–October 2011 compared to the same period in 2010.

In January-October 2011 the payments of BelIngostrakh Insurance Company amounted to 14,638.3 mln. rubles, that is 49.87% more than for the same period in 2010. On September 25, 2006 the company made the payment that was one of the largest for national market. BelIngostrakh Insurance Company paid reinsurance recovery of 1,042,492,573 BYR (486,918 53 USD) for the wreck of the BelKA space satellite. In September 2011 BelIngostrakh Insurance Company paid more than 48,000 EUR for the repair of the trailer owned by a large company engaged in international transportation of goods. On November 11, 2011 the company made an insurance payment of more than 76,000 USD to an individual for a burned car BMW X5.

The dynamism of the company's development is confirmed not only by high growth rates, but also by continuous improvement in the product line. The company offers the most transparent insurance conditions understandable to customers and clear terms of insurance payments. BelIngostrakh Insurance Company constantly introduces advanced forms of insurance business and aims to provide European standards of service in order its customers could receive the best.

The performance guarantee to customers is the company's financial stability. The actual size of the solvency margin of BelIngostrakh Insurance Company is 2.7 times the standard size. Insurance reserves are formed mostly in foreign currency and are located in the largest and trustworthy banks of the Republic of Belarus.

According to the general director of Ingosstrakh Insurance Company Alexandr Grigoriev, the Belarusian insurance market has considerable growth potential, especially in view of integration processes and the development of cooperation between Russia and Belarus. We highly appreciate the achievements of our subsidiary company, which managed to show its reliability, to acquire recognizable image and impeccable business reputation over the period of its existence. As a shareholder Ingosstrakh Insurance Company is ready to continue to promote the growth of financial stability of BelIngostrakh Insurance Company, further improvement of the service provided to the customers, to exploit the most requested modern insurance products at the Belarusian market.