Russia
RUSSIA: 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 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 2019
