RUSSIA: Double digit growth rates in 1H2012 and 2011 made MTPL the market driver

19 September 2012 — Oleg DORONCEANU, Olesea ADONEV
trafic_moscovaMTPL gross premiums written by Russian insurers in 2011 amounted RUB 106 billion, 15.2% up as compared to one year before, when the figure stood at RUB 92 million. The same ascendent trend was identified in 1H2012, when the MTPL premiums' growth rate was of 23.3%, up to RUB 56.8 billion in GWP, said Pavel BUNIN, President of the Russian Motor Insurers' Association on the occasion of the Yalta International Finance Forum 2012.

In 2011, paid claims for MTPL contracts amounted RUB 57 billion, 4.9% more than in 2010, while in 1H2012 the agreagted volume of paid cliams registered a 3.6% y-o-y decrease, to RUB 27.6 billion.

"Last year, the number of MTPL insurance contracts reached 39 million, 7.4% more than in 2010, while in 1H2012 this indicator grew by 1.3% y-o-y, to 19.2 million contracts", said BUNIN. He also explained that in 2011 there were 47.8 million vehicles registered, for which about 39.7 million MTPL policies were sold, meaning the penetration degree for this this of insurance was of about 90%.

Exchange rate: 1EUR =40,3 RUR

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