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RUSSIA: Reinsurance in 2020, despite the pandemic, increased in both the inward and outward segments
In 2020, the inward reinsurance market increased by 14.4%. According to the RNRC (Russian National Reinsurance Company), after a sharp increase in 1Q2020, the market continued the trend of a gradual decline in growth rates throughout the year until 4Q2020.
19 April 2021RUSSIA: S&P: non-life market remained resilient to the effects of the pandemic and this trend will continue in 2021
The Russian non-life insurance market remained resilient to the effects of the COVID-19 pandemic in 2020 and, according to S&P, this trend will continue in 2021 amid an improving macroeconomic environment, the agency said in its review.
12 April 2021RUSSIA: payments for insured events of SBERBANK Life insurance for the first quarter of 2021 exceeded RUB 3 billion
For the first quarter of 2021, SBERBANK Life Insurance made 24,000 payments for insured events for a total amount of RUB 3.1 billion (EUR 34.93 million*). At the same time, the number of paid claims increased by 13% y-o-y, and total amount - by 38%, the insurer said in its press release.
12 April 2021RUSSIA: the balance of undisbursed allocated funds of RAMI reached the minimum value for the last 8 years
Over the past two years (2019-2020) the balance of undisbursed allocated funds of the RAMI (Russian Association of Motor Insurers) reached its lowest level in the last 8 years (RUB 10.5 billion/EUR 0.11 billion*, - 42% in RUB).
6 April 2021RUSSIA: SBERBANK Life insurance recognized as the company of the year in life insurance
SBERBANK Life Insurance won the Grand Prix of the "Financial Elite of Russia 2020" award in the nomination Life Insurance Company of the Year. The awards ceremony took place on March 30 in Moscow, the insurer said in its press release.
2 April 2021RUSSIA: in 2020, the insurance market supported the economy by increasing investments in government bonds and government debt by 24%
In 2020, total investments of insurers in government bonds and government debt amounted to RUB 1.838 trillion (~EUR 20.27 billion*), which is 24% more y-o-y, according to the president of the All-Russian Insurance Association (ARIA) Igor YURGENS, ASN reports.
30 March 2021RUSSIA: SBERBANK Insurance increased its charter capital to RUB 5 billion
Sberbank's subsidiary - SBERBANK Insurance increased its charter capital from RUB 2.7 to RUB 5.0 billion (~EUR 55.57 million*), the insurer said in a press release on March 26.
29 March 2021RUSSIA: despite the loss in motor insurance, ROSGOSSTRAKH Group's net profit remained at the level of RUB 7.62 billion
Net profit of the ROSGOSSTRAKH group in 2020 amounted to RUB 7.62 billion (~EUR 84 million*), which is only 0.7% less y-o-y in local currency, reports ASN, referring to the financial statements published by the company.
23 March 2021RUSSIA: in 2020 premiums, net profit and return on equity of RNRC increased
The volume of premiums accrued by RNRC (Russian National Reinsurance Company) for 2020 amounted to RUB 15 billion (~EUR 0.16 billion*), which is 7% more y-o-y. The volume of premiums earned amounted to RUB 13.8 billion (+6%), the reinsurer said in its press-release.
23 March 2021RUSSIA: RAMI: combating unfair insurance practices and the institution of the financial ombudsman drastically reduced court payments in MTPL
In 2020, court payments in MTPL decreased by 64% to RUB 3.98 billion (~EUR 43.89 million*), and the insurers' overhead expenses dropped by 62% to RUB 5.7 billion, according to Igor YURGENS, President of the Russian Association of Motor Insurers (RAMI).
23 March 2021Italian Generali in search for acquiring a Russian insurer, rumors say; see who are the targets
Italian group Generali is considering an about EUR 2 billion worth acquisition in Russia, that will add to its already existing 38.5% stake in one of Russia's largest insurers Ingosstrakh, Reuters reported quoting a non-disclosed source and the Italian press.
18 March 2021RUSSIA: ROSGOSSTRAKH Life enters TOP-5 leaders in investment and accumulative life insurance
ROSGOSSTRAKH Life entered the TOP-5 in investment and accumulative life insurance in 2020. The company's GWP in investment-cumulative life insurance, which is the core business of ROSGOSSTRAKH Life, increased by 1.5 times, and the insurer's net profit almost tripled, according to the company's website.
18 March 2021STATISTICS: RUSSIA, FY2020: Despite a decrease in GWP and paid claims in the second quarter, by the end of the year GWP increased by about 4%, and paid claims - by 8% (in local currency)
By the end of 2020, Russian insurance market grew by about 4% to RUB 1.53 trillion (~EUR 16.97 billion*), which, despite the pandemic, is a good result, given that there was absolutely no growth in 2019. Total amount of collected GWP reached 1.45% of GDP, according to the data published by the Bank of Russia.
18 March 2021RUSSIA: On April 14-15, 2021 the 25th Annual Reinsurance Conference will be held in Moscow
The 25th Annual Reinsurance Conference will be held in Moscow on April 14-15. The insurance market today is going through active changes. The state of the insurance and reinsurance industry, its further development in the face of "post-COVID" realities, pricing policy, risk appetites of international companies, new opportunities will be discussed by the Conference participants.
18 March 2021RUSSIA: insurers' expense ratio in 2020 hits a record of 43%
In 2020, the loss ratio of Russian insurers remained stable, and the combined loss ratio during the year remained almost unchanged, amounting to 90%, according to the Central Bank's review.
16 March 2021RUSSIA: in 2020 agroinsurance increased by 43% y-o-y
Among all segments of property insurance in Russia in 2020, agroinsurance was one of the fastest growing - its volume increased by 43% to RUB 8.1 billion (~EUR 89.32 million*), the National Association of Agriculture Insurers (NAAI) reported.
16 March 2021RUSSIA: in 2020, 135 out of 160 insurers recorded profit
In 2020, the profit of Russian insurers grew slightly and amounted to RUB 247.5 billion (~EUR 2.72 billion*). At the same time, out of 160 insurance organizations, 135 recorded profits.
10 March 2021RUSSIA: Ksenia SOKOLOVA appointed Chief Operating Officer of SBERBANK insurance
Ksenia SOKOLOVA has been appointed to the position of Chief Operating Officer of SBERBANK insurance, the insurer's press service reported on March 2.
4 March 2021RUSSIA: Sovkombank acquired the local MetLife insurance company
In January 2021, Sovkombank acquired 100% of shares of the Russian insurance company MetLife for RUB 3.9 billion (~EUR 43.65 million*) - according to the information in the consolidated annual report of the Sovkombank Group under IFRS for 2020.
2 March 2021RUSSIA: Fitch Ratings improves Financial Strength Rating Outlook of AlfaStrakhovanie from Negative to Stable
The international rating agency Fitch Ratings has improved the Financial Strength Rating Outlook of AlfaStrakhovanie from negative to stable. The rating is confirmed at BB +, writes ASN with reference to the agency's release.
18 February 2021XPRIMM Newsletter
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