RUSSIA: for 9 months of 2020, the average commission of insurance brokers was the lowest among the five main sales channels through intermediaries

16 December 2020 — Marina MAGNAVAL
The average commission of insurance brokers from January to September 2020 amounted to 14.6% - the lowest among the five main sales channels through insurance intermediaries, ASN reports according to the head of the Council of the Association of Professional Insurance Brokers Katerina YAKUNINA.

Credit institutions have the highest commission average rate (37%), and RUB 405.9 billion (~EUR 4.39 billion*) of the market GWP for the period were collected through this sales channel. It is followed by car dealers, whose average commission rate was 35%, agents-legal entities rank third (27%), while individual agents (19%) took the fourth place.

"The market share of insurance brokers is currently comparable to another progressive sales channel - the Internet. At the same time, insurance brokers traditionally serve the most complex insurance products, which require a high level of expertise and understanding of both Russian and international risk management environment. This is not a mass product. The low commission rate speaks for itself - the brokerage sales channel is beneficial to both parties of the insurance transaction: an insurer and a policyholder", Katerina YAKUNINA commented.

* at the following exchange rate:
EUR 1 = RUB 92.4302 (as of 1 October 2020)

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