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RUSSIA: market leader's charter capital increased to RUB 30 billion
The leader of the Russian insurance market in terms of GWP and paid claims, SOGAZ group, increased its charter capital to RUB 30 billion (~EUR 0.43 billion). The changes of the insurer's charter were registered on December 31, 2019, ASN reports.
20 January 2020RUSSIA: 11 leading reinsurers participate in the obligatory agreement of SBERBANK Insurance
SBERBANK Insurance renewed obligatory reinsurance protection of property risks accepted for insurance, for a capacity of RUB 5 billion (~EUR 73.48 million*), ASN reports.
13 January 2020RUSSIA: new procedure for financing agriculture development effective from January 1, 2020
On January 1, 2020, a new procedure for financing the State program for agricultural development entered into force. The procedure provides targeted subsidies for regions to support agroinsurance, considering insurance practices of each region, as the National Association of Agriculture Insurers (NAAI) informed.
13 January 2020STATISTICS: RUSSIA, 3Q2019: former market driver, life insurance, dropped by more than 11% y-o-y
In 3Q2019, Russian insurance market GWP reached RUB 1100.0 billion (EUR 15.66 billion), thus remaining almost at the level of 3Q2018. The market in euro grew by 9.15% thanks to a more favorable rate, than a year ago. Paid claims reached RUB 433.5 billion (EUR 6.16 billion), as the data of the Central Bank, show.
9 January 2020RUSSIA: life insurance might decrease by 11-12% in 2019
By 2021, the Russian insurance market won't be able to reach the goal set by the All-Russian Insurance Association (ARIA) of RUB 2 trillion (~EUR 28.8 billion), part of its development strategy, as the national rating agencies Expert RA and NCR (National Credit Ratings) consider.
6 January 2020RUSSIA: in 2019 the number of regions with state support of agroinsurance increased to 57
On December 17, the Ministry of Agriculture announced the planned volume of agroinsurance subsidies in Russia for 2020, which could be increased to RUB 4.2 billion (~EUR 60 million) vs. the initially planned RUB 2.2. billion (~EUR 31.5 million), ASN reports.
19 December 2019RUSSIA: MTPL GWP dropped 6.7% while the number of contracts decreased 2%
As the data of the Bank of Russia show, from January to September 2019, MTPL GWP amounted to RUB 154 billion (~EUR 2.18 billion), which is 6.7% less y-o-y. Paid claims exceeded RUB 103.1 billion (~EUR 1.46 billion), ASN reports.
11 December 2019RUSSIA: ROSGOSSTRAKH moved back to the first place in terms of total number of agents in the third quarter
According to the market results for 9 months of 2019, the total number of agents of ROSGOSSTRAKH company grew by almost 41% y-o-y, which allowed the company to regain its first place on the market in terms of total number of individual agents, ASN reports.
11 December 2019RUSSIA: almost 9 in 10 insurance frauds fell on MTPL in the first nine months
According to the Bank of Russia, from January to September 2019, the total number of criminal cases in the insurance industry amounted to 1900, said Ekaterina ABASHIEVA, deputy director, Bank of Russia, insurance market department.
5 December 2019RUSSIA: S&P: industry and country risk in the property/casualty insurance sector is high
S&P Global Ratings assessed industry and country risk in the Russian property/casualty (P/C) insurance sector as high (foreign currency BBB-/ Stable/ A-3 ; local currency BBB/ Stable/ A-2), as the agency stated in its report.
28 November 2019RUSSIA: INGOSSTRAKH 9 months profit decreased 31% amid 28% GWP growth
According to INGOSSTRAKH, the insurer's net profit from January to September 2019 decreased by 31% y-o-y in local currency, to RUB 4.47 billion / ~EUR 63.2 million, ASN reports based on the company's information.
20 November 2019RUSSIA: universal life insurance business line grew 54% becoming the leader of the life sector
According to the preliminary data, GWP of universal life insurance from January to September 2019 amounted to RUB 74.6 billion / ~EUR 1.05 billion (+54% y-o-y in local currency), which makes this segment a new growth driver on the Russian life market, ASN reports.
20 November 2019RUSSIA: national rating of RENAISSANCE LIFE improved to ruA+
The rating agency Expert RA improved the national rating of RENAISSANCE LIFE to ruA+, outlook stable, ASN reports.
14 November 2019RUSSIA: 2nd National Reinsurers Summit held on October 3 and 4 in Saint Petersburg
The second international summit of state reinsurers, organized by the Russian National Reinsurance Company (RNRC) with the support of the Bank of Russia, was held on October 3 and 4 in Saint Petersburg, as RNRC announced on its website.
7 November 2019RUSSIA: Jan-Sept state support crop insurance grew 269% while livestock insurance increased 53%
For the first 9 months of 2019, agricultural insurance market volume saw a significant growth by 2.5-fold while the insured area increased by more than 5.3-fold, according to the National Association of Agriculture Insurers (NAAI).
30 October 2019RUSSIA: higher amount of life and health indemnities may lead to 15% increase in MTPL claims
From January to September 2019, the paid claims for life and health in MTPL events amounted to 5% of all the segment's paid claims, ASN reports.
16 October 2019RUSSIA: Igor YURGENS remains the president of ARIA for the next three years
At a meeting of the All-Russian Insurance Association (ARIA) on October 7, it was decided to re-elect Igor YURGENS as the President of ARIA for three years term. YURGENS was approved as a candidate by the Central Bank of Russia in August, ASN reports.
8 October 2019RUSSIA: European Accident Statement within full MTPL amount is available throughout the country from October 1
According to RAMI (Russian Association of Motor Insurers), from October 1 possibility to receive reimbursement within full MTPL insurance amount for the risk of damage to property will be available throughout the whole country. Before this possibility was given only to four territories.
3 October 2019RUSSIA: ROSGOSSTRAKH Life launched an innovative life insurance product
ROSGOSSTRAKH Life launched sales of a new product that combines elements of investment and universal life insurance, ASN reports.
3 October 2019RUSSIA: VTB Life Insurance to transfer voluntary insurance portfolio to SOGAZ-Life
VTB Life Insurance will transfer its voluntary life insurance and personal insurance contracts to SOGAZ-Life in 2019, ASN reports, with reference to the information published on September 20 by the Bank of Russia.
26 September 2019
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