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%. Furthermore, paid claims jumped by 21.1%, amounting to RUB 285.6 billion (~EUR 4 billion), according to the statistics, published by the Central Bank of Russia.

In terms of insurance types, the market growth was supported by the personal segment, which grew by 18.3% in local currency and took about 28% of the portfolio. Increasing demand for loans among population contributed to the growth of insurance against accidents and diseases. GWP of the voluntary health insurance also went up (+11%), which the regulator attributes to the expansion of programs for protection against serious illnesses and low-cost health control programs, franchised policies and telemedicine. According to the regulator, voluntary health insurance and universal life insurance may become new market drivers.

MTPL market share, amid the ongoing tariff liberalization, dropped by almost 1% (to 13.7%), GWP decreased by 5.3% y-o-y. Motor Hull is also continuing a downward trend (-2.3%). At the same time, paid claims of both classes, on the contrary, are growing.

Total insurers' assets in the 1H2019 increased by 14.7% y-o-y, exceeding RUB 3.1 trillion. Profit before taxes amounted to RUB 123 billion (+11.4%).

According to Alexey BREDIKHIN, Director of ACRA (Financial Institutions Rating Group), the statistics show that the market is stagnating. As Tatyana NIKITINA, Head of NRA (National Rating Agency), noted, the leading position of banks among insurance intermediaries indicates a decrease in profitability of insurance business: total premiums are growing at a minimal pace, while paid claims and remuneration to intermediaries are increasing.

TOP-3 market leaders in the total ranking remained unchanged: SOGAZ, SBERBANK Life Insurance and VTB Insurance. At the same time, INGOSSTRAKH moved up to the 4^th place, having shifted AlfaStrakhovanie and RESO-Garantia one position lower.

SBERBANK Life Insurance continues to lead the life sector, occupying almost 40.6% of this market.
* Presented figures were converted at the following exchange rates:
1 EUR = 71.8179 RUB (June 30th, 2019)
1 EUR = 72.9921 RUB (June 30th, 2018)
Access www.xprimm.com and download the 1H2019 Russian insurance market statistics (in EUR and RUB).

• Russia 1H2019 Market portfolio (in EUR and RUB):
• GWP
• Paid claims
• Growth rates

• Russia 1H2019 Market rankings in EUR and RUB (GWP/paid claims/market shares/growth rates):
• Total
• Life insurance
• Non-life insurance
• Motor Hull
• MTPL
• Accident insurance
• Health insurance
• Cargo insurance
• Property insurance
• GTPL