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)