RUSSIA: SBERBANK Insurance has entered into an obligatory agricultural risk reinsurance agreement

10 November 2020 — Marina MAGNAVAL
SBERBANK Insurance has entered into an obligatory reinsurance agreement of agricultural risks. The coverage extends to insurance of crops and perennial plantations, as well as livestock, the insurer said.

The parties to the agreement are leading international reinsurance companies of the European and Russian markets. Polish Re (Poland) is the reinsurance program leader. The overall rating of the reinsurance program, excluding the mandatory share of the RNRC (Russian National Reinsurance Company), is at the A + level and above the international ratings of S&P and A.M.Best. The broker under the agreement is the leader of this segment in the Russian market - AON.

"SBERBANK Insurance is actively developing agricultural insurance. For 9 months of 2020, the number of concluded contracts increased by 20% y-o-y, GWP volume - by 58%. The obligatory reinsurance agreement will allow the planned development of this segment to continue", explained Alexander MEDVEDEV, Executive Director of the company.

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.

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