RUSSIA: INGOSSTRAKH's business increased by 20.5% in 2021

16 February 2022 — Marina MAGNAVAL
Total GWP of INGOSSTRAKH, one of the TOP-5 market leaders, for 2021 amounted to RUB 139.8 billion (+20.5%)/EUR 1.66 billion*. At the same time, RUB 129.8 billion (+22%) came from direct insurance and RUB 10 billion (+6%) - from inward reinsurance, the company said in its statement.

The company's total paid claims last year amounted to RUB 59.7 billion, up 13% y-o-y. At that, direct insurance paid claims reached RUB 56.3 billion rubles (+11%), inward reinsurance - RUB 3.4 billion (+57%).

"By the end of 2021, INGOSSTRAKH strengthened its leadership positions on the Russian insurance market, demonstrating strong growth in almost all business lines. In direct insurance, we record positive dynamics in all areas of retail insurance. INGOSSTRAKH collected RUB 37.0 billion in Motor Hull, which is 25.1% more than in 2020. MTPL GWP increased by 18.0% to RUB 28.7 billion, and property insurance grew by 20.1%, which made it possible to reach the level of RUB 5.1 billion for this type. The company's premiums in the corporate insurance segment in 2021 amounted to RUB 35.9 billion (+18%), in voluntary health insurance, including travel insurance, there was an increase of 23.1% to RUB 11.8 billion," Andrey LARKIN, CEO of INGOSSTRAKH, commented on the results.

* 1 EUR = 84.0695 RUB (01.01.2022)

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