In 2018 the market began to grow in non-life sector as well, the growth rate of which amounted to 8.4% (vs 1.8% in 2017). This result was also a maximum since 2013. Among the main growth factors experts noted an increase in insurance of life of borrowers and insurance against accidents affected by the high demand for loans and mortgages, an increase of the volume of the motor lines amid improving availability of mandatory insurance and car sales, as the Bank of Russia underlined.
In terms of classes, significant changes were observed in MTPL, where GWP increased by 1.8% (vs a decline by 5.2% a year ago), and the number of agreements also went up by 4% (vs 0.1% in 2017). Motor Hull GWP climbed into positive territory with an increase by 3.8% (vs a decline by 4.8% in 2017). Insurance against accidents and diseases greatly went up from 12.3% in 2017 to 39.8% in 2018. Investment life insurance maintained a fairly high growth rate - around 37.4%, while the market share of the life sector's GWP reached 30.6%.
Total market paid claims in 2018 went up by 2.5% to RUB 522.5 billion, of which life paid claims amounted to RUB 67.1 billion. Insurance reserves grew by 26% and exceeded RUB 1.8 trillion. GWP through intermediaries significantly increased (RUB 1,085 trillion vs RUB 949.7 billion a year ago) by 14.2%, and the volume of commission of intermediaries in 2018 jumped by 36%. At the same time the banking channel became the leading one, replacing individual agents - GWP through banks increased by 40%. Individual agents accounted for 25.5% of GWP, generated through intermediaries.
SBERBANK Life insurance became the new market leader in terms of GWP (RUB 181.5 billion), removing SOGAZ from its leading position (RUB 160.5 billion). 3rd place in the total ranking was taken by VTB Insurance (RUB 125.1 billion), followed by AlfaStrakhovanie (RUB 101.4 billion) and RESO GARANTIA, which moved down from its 3rd place to the 5th (RUB 91.4 billion). At that ROSGOSSTRAKH was the only company that demonstrated a decline (in local currency) among the biggest insurers (-22.88%).
*1EUR =79.4605 RUB (December 31st, 2018)
Access www.xprimm.com and download the FY2018 Russian insurance market statistics (EUR and RUB).
- Market portfolio (in EUR and RUB):
- Gross written premiums
- Paid claims
- Growth rates
- Market rankings in EUR and RUB (GWP/ Market shares/Paid claims/Growth rates):
- Total market
- Life insurance
- Motor Hull
- Civil liability