RUSSIA: the oldest insurer is close to its 100-years' anniversary

ROSGOSSTRAKH, the oldest local insurer, is close to its 100-years' anniversary and is preparing plans for the next 100 years, said Nikolaus HEINRICH FRY, the General Director of the company.

ROSGOSSTRAKH by many parameters is the biggest insurer in the country. The company has more than 1.5 thousand of offices, over 7 million of clients and 23 thousand of employees. Nikolaus HEINRICH FRY pointed out that since the second half of 2014 the company had been exercising a difficult period with MTPL high loss ratio and in 2017 it got a loss from securities. At that, the insurer's balance-sheet loss was the biggest in the Russian insurance history.

Thus, MTPL loss reduction became the priority for the company. Decreasing of sales points, market share and some other measures helped to reduce the loss ratio below 100% and receive positive financial result in the 1st quarter 2018. Changes also touched the company's corporate system. In order to enter again the life insurance market ROSGOSSTRAKH created a life insurer - RGS Life Insurance.

In its strategy until 2021 ROSGOSSTRAKH, according to the General Director, plans to become the leader of retail insurance and be in TOP-3 of corporate insurance, as well as become one of the leading life insurers. Besides, under the terms of MTPL liberalization the insurer may get a huge positive effect in the form of significant premiums and market share.

The company is actively developing its agent distribution channel, implementation of digital technologies and bancassurance. One more strategy principle is regional presence and expansion in small, medium and big cities. At that, in big cities the insurer is going to introduce new products with high customer service level based on digital elements and telematics. One of the main growth directions is corporate segment, and one of the main classes - voluntary health insurance, added Nikolaus HEINRICH FRY.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

MetLife named its EMEA head as CEO of Japan unit

MetLife announced that Eric CLURFAIN, currently Executive Vice President and Head of EMEA, has been named Chairman, President and CEO of MetLife Japan - the company's second largest market globally and its largest retail life insurance business, effective Feb. 1, 2019, following approvals.

06.12.2018

American International Group appoints new CFO

American International Group announced that it has appointed Mark LYONS to the role of Executive Vice President & Chief Financial Officer (CFO). He succeeds Sid SANKARAN, who will remain at AIG in an advisory capacity through the year-end reporting process for fiscal year 2018.

06.12.2018

Wolfgang STOCKMEYER appointed as VIG's BTA Baltic new Board Chairman

Wolfgang STOCKMEYER (49) has been appointed, on 30 November 2018, Chairman of the VIG's subsidiary BTA Baltic Management Board, as part of a series of changes in the composition of its Management Board operated by the main player of Austrian Group in the Baltic region.

05.12.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all