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The footprint of foreign insurers in the Belarusian insurance market is increasing, with the Belarusian Association of Insurers saying the presence of foreign capital has increased by more than 60% over the last three years, Forinsurer reported.
Russian insurers – including OAO Rosgosstrakh – are among foreign insurers having the biggest presence in the Belarusian market, a market that is much smaller than the Russian insurance market. However, Belarusian authorities are not concerned over the increasing foreign presence and hope the foreign capital influx will boost competition.