RUSSIA: SBERBANK Life insurance in 2018 removed the market leader and came out on top in terms of GWP
The insurer's growth rate amounted to 77.9%, adding RUB 79.5 billion. GWP from SOGAZ in 2018 increased only 1.5% (RUB 160.5 billion vs RUB 158 billion a year ago), although paid claims of SOGAZ more than double paid claims of other insurers (RUB 190 billion). Third place in terms of GWP was taken by VTB Insurance (RUB 125.1 billion, +56.9%).
According to the Deputy General director of SBERBANK Life Insurance, Viktor DUBROVIN, "SBERBANK Life Insurance has been the absolute leader in the life sector for several years. Given the trends of recent years and life insurance's rapid growth compared to other insurance types, it was obvious that we would be among the largest."
If 2018 results are considered in terms of insurance groups, the insurers of SOGAZ group together generated RUB 339.3 billion (22.9% of the market). Both SBERBANK insurers together collected RUB 197.1 billion (13.3% market share).
Fourth place in GWP among separate insurers was AlfaStrakhovanie (RUB 101.4 billion, +34.8%), and RESO GARANTIA moved from third to fifth place (RUB 91.4 billion, +2.3%). ROSGOSSTRAKH demonstrated a sharp decline among the largest insurers (RUB 60.8 billion vs RUB 78.8 billion a year ago), as ASN wrote.
According to Alexey YANIN, Director of insurance ratings at Expert RA, "the concentration of TOP-20 is increasing." In 2018, the share of TOP-20 went up by 0.8% to 80.6%, while the share of companies that took places 20th to 100th decreased by 0.2% to 18.5%.
*EUR 1 = RUB 79.4605 (31.12.2018)