RUSSIA: from January to September, the number of MTPL reported insured events decreased by almost 22% y-o-y

16 December 2020 —
For the period from January to September 2020, GWP of the TOP-10 MTPL insurers increased by 7.4%, to RUB 135 billion (EUR 1.46 billion*), and their share in the segment reached 82.3% (vs 81.7% a year ago), ASN reports according to the Bank Russia.

The leader of the local MTPL market is RESO-Garantia, premiums of which in the segment increased by 19.1% to RUB 27.3 billion. Only INGOSSTRAKH (-14.3%) and SOGAZ (-10.1%) had a negative result among the TOP-10 MTPL insurers. In general, total number of MTPL insurers that operated from January to September is 43 (one company less than a year ago).

For 9 months of 2020, total MTPL GWP reached approximately RUB 163.8 billion (+6.4% y-o-y). At the same time, the number of concluded contracts increased by 4.9%. The segment's growth was mainly supported by individuals, who generated 88.1% of MTPL premiums, while legal entities generated only 11.9%.

In contrast to premiums, MTPL paid claims decreased by 1%, to RUB 102.1 billion. Restrictive measures in connection with the pandemic led to a decrease in the number of reported insurance events by 21.7%, while the number of settled claims decreased by 10.8%.

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