RUSSIA: GWP of ROSGOSSTRAKH in 1Q2020 increased by more than 27% y-o-y

7 May 2020 — Marina MAGNAVAL
In 1Q2020, GWP of ROSGOSSTRAKH increased by 27.6% y-o-y and exceeded RUB 22.3 billion (~EUR 0.26 billion), ASN reports.

According to the General Director of ROSGOSSTRAKH, Gennady GALPERIN, "in recent years the company has formed a good safety margin - in terms of quality and size of assets we exceed the standard values established for insurance companies."

A bigger part of the insurer's portfolio in 1Q2020 was made by segments such as MTPL, property insurance, bancassurance and voluntary health insurance. As GALPERIN noted, the company has experienced an increase in almost all of its business lines, some of them growing significantly.

The insurer also noted positive dynamics on its sales channels. The key one is agent channel (+2.7% y-o-y). In addition the company is actively developing affiliate sales (+67.7%). At the same time, quarantine regime has reduced office sales and travel insurance, which previously generated a huge portion of online sales.

GALPERIN underlined satisfaction with the results achieved by ROSGOSSTRAKH during the first three months, given the challenging working conditions caused by the current pandemic. "For the second year in a row, our company has been demonstrating dynamics ahead of the Russian insurance market's pace. And, despite the certain restrictions, we will do our best to maintain the growth path during the most challenging year for the entire Russian as well as world economy", he said.

Based on 2019 market results, ROSGOSSTRAKH was in TOP-10 local insurance companies, ranking 8thin terms of GWP volume.

* EUR 1 = RUB 85.7389 (01.04.2020, Central Bank of Russia)

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