In the middle of 1994, when insurance market of the Republic of Belarus was developing rapidly, Joint Stock Commercial Bank “Belvnesheconombank” decided to establish a new ambitious insurance company based with a huge capital. The decision was perceived by other insurers in different ways. Some of them waited for the company's registration with anxiety expecting certain changes at the insurance market. Others simply did not believe in considerable investments into an insurance company made by a bank. However, plans of “Belvnesheconombank” management came true. As a result, a new company emerged at the market – Closed Joint Stock Insurance Company “Belvneshstrakh”.
Having positioned itself as a leader (in terms of equity and premium income), “Belvneshstrakh” began its march ahead. Vector of the Company’s development was based on the strategy chosen by the Company and its shareholders: insurance of foreign trade operations and bank exposures. The strategy paid for itself, and today our Company, re-registered as Unitary Insurance Company “Belvneshstrakh” of Open Joint Stock Company “Belvnesheconombank”, controls more than a quarter of the international road transportation insurance market, which is one of the most important direction in foreign trade, and provides services for many state financial institutions, effectively reducing the risks in the course of its activities. Our Company offers to its customers a high quality service based on support of world’s leading insurance and reinsurance companies.
We were the first in the country who offered to its clients an international scheme of leasing contract insurance, covering all risks arising during leasing transactions. In particular, we provide a warranty for both lessors and lessees. This scheme has been successfully implemented in the international vehicle leasing insurance practice.
In 1996 we opened our first branch office in Brest. Then we founded branch offices in Grodno and Vitebsk. After the achievement of initial goals and objectives, we started to implement new types of insurance services, which have been not used in our country yet. In particular, now we insure aviation vehicles and equipment and owners’ liability, and provide insurance coverage for watercraft owners.
In 1999 our company received a license for liability insurance of vehicle owners. This year we entered Belarusian Transport Insurance Bureau. This resulted in opening new branches in regional centers: Gomel, Mogilev and Molodechno.
Since Company’s founding we have formed a team of highly qualified professionals, many of whom have special education in insurance and completed internships and trainings in leading financial institutions of Europe: Cologne Reinsurance Corporation, Moscow Reinsurance Company, Foundation supporting financial institutions of developing countries “Giordano Dell’Amore”, insurance company «Royal & SunAlliance».