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RUSSIA: 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 2019STATISTICS: RUSSIA, 1H2019: market GWP remained almost unchanged while paid claims increased by more than 21% in local currency
For the 1H2019, GWP of Russian insurers reached about RUB 739.3 billion (~EUR 10.3 billion), thus exceeding the 1H2018 level by only 1%.
19 September 2019RUSSIA: regulator included NRA and NCR into the register of rating agencies
The National Rating Agency (NRA) and the National Credit Ratings (NCR), on September 12, were included by the Central Bank into the register of Russian rating agencies, thereby increasing the total number of accredited rating agencies in the register from 2 to 4, ASN reports.
19 September 2019RUSSIA: new law on housing insurance for emergency situations may help significantly reduce recovery costs
On August 4, 2019, the law on housing insurance for emergency situations came into force, according to which regional authorities can develop their own insurance programs, ASN reports. Under it, homeowners may get coverage not only for natural risks, but also for manmade or technological risks as fire, gas explosion etc.
10 September 2019RUSSIA: combined MTPL and Motor Hull policy for convenience and insurance cost decrease
On September 4 the Bank of Russia published a draft regulation on the minimum requirements for combined MTPL and Motor Hull insurance products, which allows the addition of Motor Hull clauses directly into the MTPL policy without making a separate contract, ASN reports.
10 September 2019RUSSIA: total insured area of agricultural crops increased 5 times in the first 7 months of this year
National Association of Agricultural Insurers (NAAI) announced improvements in the Russian agricultural insurance business, for the first seven months of 2019. The total insured area was of 2.8 million hectares, 5 times the size of the same period of prior year.
29 August 2019RUSSIA: driver with life insurance change: investment life insurance decreased by 32% y-o-y in the first 6 months
From January-June, according to preliminary data, investment life insurance decreased by 32% y-o-y and now occupies 46% of the sector (vs 62% a year ago), its GWP amounted to RUB 92.3 billion, ASN reports.
22 August 2019RUSSIA: Growth of more than 58% y-o-y for ROSGOSSTRAKH's H12019
From January to June 2019, ROSGOSSTRAKH's total net profit increased by 58.3% y-o-y, to RUB 3.8 billion (~EUR 52.91 million), ASN reports.
22 August 2019GENERALI to increase its influence in Russia and post-Soviet markets
Giorgio CALLEGARI, Chairman and CEO of GENERALI Russia & CIS declared in an interview for Interfax that in forthcoming years the Italian insurer plans to develop its presence in Russia and other CIS markets.
21 August 2019
