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RUSSIA: ARIA proposed measures to support the insurance market during the pandemic
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.
1 April 2020STATISTICS: RUSSIA, FY2019: market GWP stagnated amid paid claims' rapid growth of 17%
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.
26 March 2020RUSSIA: net profit of RNRC almost doubled in 2019 and amounted to EUR 48 million
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.
19 March 2020RUSSIA: agroinsurance became one of the fastest growing market segments in 2019
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.
12 March 2020RUSSIA: in 2019 GWP growth of RESO-Garantia exceeded 7%, but motor insurance in the company's portfolio decreased by more than 4%
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.
5 March 2020RUSSIA: GWP of ROSGOSSTRAKH in 2019 increased by 16% y-o-y
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.
5 March 2020Fitch Ratings affirms Russia, Kazakhstan, Georgia, Turkey, Bulgaria and Hungary
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
3 March 2020RUSSIA: MTPL complaints in 2019 amounted to almost 80% of all insurance complaints
Total number of complaints about insurers decreased by 34% in 2019, according to the Bank of Russia. This indicator was the best performing among non-credit financial institutions, the regulator noted.
27 February 2020RUSSIA: market share of TOP-5 life insurers in 2019 exceeded 70% in the life portfolio
In 2019, life insurance decreased by 9% y-o-y and amounted to RUB 433.2 billion (~EUR 6.24 billion), as the preliminary market data show. At the same time, life paid claims increased by 87%, to RUB 140.7 billion, according to Igor YURGENS, President of the All-Russian Insurance Association (ARIA).
27 February 2020RUSSIA: experts predict decreasing growth rates on the insurance market in 2020
Experts predict a 5% decrease of MTPL GWP in 2020 due to the new regulation and stagnation of the motor insurance market, one of the latest Deloitte study over Russia mentions.
19 February 2020RUSSIA: SBERBANK shares will be sold to avoid conflict of interests
The Ministry of Finance and the Central Bank developed and submitted to the government a document providing the sale conditions of SBERBANK shares, owned by the Bank of Russia, which will help to avoid a conflict of interests due to combining the roles of the regulator, shareholder and supervisor, the ministry said.
19 February 2020RUSSIA: financial ombudsman service included into International Network of Financial Services Ombudsman Schemes
The Russian financial ombudsman service was included into the International Network of Financial Services Ombudsman Schemes. This decision was made at the meeting of the Organization's Committee, as ASN reports with reference to the Chief Financial Ombudsman, Yuri VORONIN.
12 February 2020RUSSIA: from 2017 to 2019 GWP of RNRC doubled
According to the Russian National Reinsurance Company (RNRC), its GWP amounted to RUB 14 billion (~EUR 0.2 billion) in 2019, while its profit exceeded RUB 3 billion (EUR 43.24 million), as Natalia KARPOVA, President, Chairman of the Board of RNRC, announced.
12 February 2020RUSSIA: in 2019 over 22% of car owners got maximum MTPL discounts
In 2019 almost 90% of car owners (33.8 million people) got MTPL discounts (bonus-malus coefficient less than 1) and 48% of all car owners (18.3 million people) had discounts of 20% or more, according to Igor YURGENS, the president of the Russian Association of Motor Insurers (RAMI).
6 February 2020RUSSIA: Victor DUBROVIN appointed vice-president of the All Russian Insurance Association
Victor DUBROVIN has been appointed the vice-president of the All Russian Insurance Association (ARIA). He will, among other things, develop life insurance and digitalization of the insurance market, ASN reports.
6 February 2020RUSSIA: General Insurance Corporation of India obtained reinsurance license from regulator
General Insurance Corporation (GIC Re), the state reinsurer of India, announced they will expand their business in Russia.
5 February 2020RUSSIA: agroinsurance with state support increased 2.3 times in 2019
As the preliminary data of the National Association of Agriculture Insurers (NAAI) show, the agroinsurance market at the end of 2019 amounted to RUB 5.3 billion (~EUR 76.4 million), as ASN reports.
28 January 2020RUSSIA: MTPL paid claims increased by 5.6% in 2019, preliminary data show
At the end of 2019, Russian MTPL GWP decreased by 3.4% y-o-y to RUB 220.2 billion (~EUR 3.17 billion), while paid claims, on the contrary, grew by 5.6%, to RUB 150.1 billion (~EUR 2.16 billion), as preliminary data of the Russian Association of Motor Insurers (RAMI) show, ASN reports.
28 January 2020RUSSIA: 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 2020
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