RUSSIA: 1Q2020 GWP of SBERBANK Insurance increased by 33% y-o-y

27 May 2020 — Marina MAGNAVAL
In the first quarter of 2020, according to the preliminary data reported by the company, the GWP of SBERBANK Insurance amounted to RUB 5.3 billion (~EUR 61.81 million), which reflects an increase of 33% y-o-y.

The largest part of GWP came from insurance of property of individuals line of business, in amount of over RUB 4 billion (+25% y-o-y). According to the Bank of Russia statistics, the company was the leader in this particular segment at the end of 2019.

The company collected RUB 201 million under property insurance of legal entities, which is almost twice more than a year ago. Inward reinsurance premiums reached RUB 148 million (+67% y-o-y). In January the company renewed obligatory reinsurance protection of property risks with a capacity of RUB 5 billion. Total GWP for travel insurance and accidents insurance in the first quarter amounted to RUB 540 million.

Paid claims of SBERBANK Insurance from January to March increased by 81% y-o-y, to RUB 483 million. The company expanded its possibilities of online claim settlement for individuals and extended remote loss settlement to all types of insurance for individuals.

SBERBANK Insurance is a subsidiary of Sberbank and is offering services in property and personal insurance, except for life insurance. At the end of 2019, the company ranked 10th in TOP-10 non-life insurers of the country. SBERBANK Insurance has a rating assigned by Expert RA at the level of ruAA.

*1 EUR = 85.7389 RUB (April 1st, 2020)

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