RUSSIA: SOGAZ comes back to leadership in the first quarter
For the first three months, the TOP-10 insurers accounted for 71.8% of the market (vs 65.7% a year ago), which indicates increasing market concentration, as the data of insurance companies' activity show. GWP of the leaders increased by 11.7% y-o-y, although some leaders demonstrated a decline - AlfaStrakhovanie Life (-20.2%), VSK (-7.3%) and RESO-Garantia (-1.4%).
The first place in terms of growth rates among TOP-10 was taken by INGOSSTRAKH (+42.6%, to RUB 27 billion). GWP of VTB Insurance increased by 36.3% y-o-y, to RUB 30 billion. SBERBANK Insurance improved its GWP by 29% and the insurer's net profit increased by 66% y-o-y. TOP-10 in terms of GWP included RENAISSANCE Insurance Group moving from 13th place to the 10th.
A sharp change at the paid claims level in one of the key market segments, MTPL was recorded by ROSGOSSTRAKH and SOGAZ for the first three months, according to the Russian Association of Motor Insurers (RAMI). MTPL paid claims level of ROSGOSSTRAKH decreased from 170.6% a year ago to 67.9% in January-March 2019, the volume of paid claims dropped by 47.6%. SOGAZ, on the contrary, increased the level of paid claims from 67.5% to 118.9%. MTPL paid claims of the company grew by 39%, to RUB 3.1 billion. Among MTPL leaders in January-March 2019, GWP growth was recorded only by AlfaStrakhovanie (+20.1%), INGOSSTRAKH (+54%) and ROSGOSSTRAKH (+31.7%), Finmarket informed.
*EUR 1 = RUB 72.7230 (as of 30.03.2019)