In April this year, the number of appeals to the financial ombudsman dropped by almost 28% compared with the results of March, which is primarily due to a decrease in activity under restrictive quarantine measures, the press service of the financial ombudsman reports.
A drier than average winter and the higher spring temperatures have made Siberia more severely affected by forest fires than in previous years. In total, on April 28, 2020, there were 3,339 outbreaks recorded compared to only 1,960 last year. The area covered by fires since the beginning of the year is 477,000 hectares (vs. 382,000 hectares last year), Siberia Times reports.
In 1Q2020, GWP of ROSGOSSTRAKH increased by 27.6% y-o-y and exceeded RUB 22.3 billion (~EUR 0.26 billion), ASN reports.
In 1Q2020, GWP under agricultural insurance contracts with state support reached RUB 425 million (~ EUR 5 million). Almost 67% of premiums were collected under livestock insurance and the rest under crop insurance, ASN reports citing the press-service of the National Association of Agriculture Insurers (NAAI).
Most Russians are more or less concerned about the pandemic situation, but most of them do not take any measures to reduce this fear, ROSGOSSTRAKH Life said in its press release, dedicated to the rating of concern among the country's regions.
S&P Global Ratings believes that despite the economic and financial fallout from the pandemic and decreased oil prices, Russian insurers will remain resilient to the consequences, the agency said in its press-release.
In the first quarter of 2020, Russian MTPL GWP increased by 2.3% year-on-year, reaching RUB 47 billion (~EUR 0.55 billion*). MTPL paid claims increased as well by 3.9% y-o-y, to RUB 38.2 billion, ASN reports citing the data of Russian Association of Motor Insurers (RAMI) press service.
In 1Q2020 SBERBANK Life insurance paid over RUB 120 million (~EUR 1.4 million) under the terminated accumulative life insurance contracts. At the same time, 30% of the total number of payments were made in Moscow, which is also leading among the regions in terms of the amount paid (RUB 27 million or 23%), the insurer reports.
In January-March 2020, SBERBANK Life insurance, a subsidiary insurer of SBERBANK, paid RUB 1.8 billion (~EUR 21 million) for credit life insurance, which is 54% more y-o-y, the insurer reports.
According to RNRC (Russian National Reinsurance Company), renewal of disproportionate obligatory reinsurance contracts for property and technical risks in January showed that total acquired capacity decreased by 5% y-o-y to RUB 132 billion (~EUR 1.9 billion), the reinsurer reports.
According to the forecast of the Expert RA rating agency, the spread of coronavirus will significantly affect the dynamics of the insurance market in 2020 and lead to its decline in the range 17% to 27%, the agency's review says.
According to a study of the financial situation of citizens in the country, conducted by ROSGOSSTRAKH Life, the lowest household debt load was recorded in Moscow - 34.5% of residents have one or two loans, however, a fifth (20%) of them doesn't even know the conditions and interest rates, the study said.
The long-term credit rating and financial stability rating of the market leader, SOGAZ insurance group, affirmed by S&P Global Ratings at BBB with a stable outlook, ASN reports with reference to the agency's press release.
Mikhail VOLKOV has been appointed CEO of SBERBANK Insurance, a subsidiary of Sberbank and the second insurance market leader of 2019, the press service of SBERBANK Insurance said.
The All-Russian Insurance Association (ARIA) developed a number of measures to support operation of the insurance market during the pandemic. ARIA submitted its proposals to the regulator, as well as the Chairman of the Russian government, ASN reports.
Market GWP at the end of 2019 remained almost unchanged y-o-y in local currency, amounting to RUB 1.48 trillion (~EUR 21.3 billion). At the same time, market paid claims increased by almost 17% (in local currency), to RUB 610 billion (~EUR 8.8 billion), as the data published by the Central Bank show.
In 2019, the amount of accrued premiums of the Russian National Reinsurance Company (RNRC) amounted to RUB 14.1 billion (EUR 0.2 billion), which is 16% more y-o-y, while the volume of earned premiums increased by 20%, to RUB 13.3 billion, the reinsurer informed on its website.
Last year, agroinsurance premiums reached RUB 5.6 billion (~EUR 80.72 million). According to Korney BIJDOV, President, National Association of Agricultural Insurers (NAAI), "agroinsurance turned out to be one of the fastest growing segments of the insurance market in Russia, showing a 51% y-o-y increase", ASN reports.
According to preliminary 2019 data, RESO-Garantia, which is included in TOP-10 market insurers, increased its GWP by 7.1% y-o-y, to RUB 98 billion (~EUR 1.41 billion). And growth rate of its paid claims reached 8% (RUB 48.8 billion/EUR 0.7 billion), ASN news agency reports.
According to the insurer, GWP of ROSGOSSTRAKH in 2019 increased by 16% (over RUB 80 billion/~EUR 1.15 billion), and net profit - by 32.2%, to RUB 7.3 billion. Paid claims amounted to RUB 35.1 billion, and the company's equity reached RUB 52.3 billion, ASN news agency reports.