Among the classes whose growth supported the market are insurance against accidents and diseases (+34.12%, to RUB 42.4 billion) and health insurance (+7.4%, to RUB 77.9 billion). On the other hand, key classes as motor, decreased; MTPL GWP dropped by almost 2%, to RUB 45.1 billion, as did Motor Hull (-2.04%, to RUB 35.9 billion).
The overall market decline was affected by the falling life sector (-7.6%, to RUB 85.2 billion). Excluding life insurance, the market increased by 2.9% y-o-y. Experts explain the fall in the life sector by reduction of its main segment - investment life insurance due to the introduction of the new ARIA standards for disclosing information about the insurance product structure to clients.
In TOP-10, SOGAZ leads in terms of GWP, which reached RUB 80.1 billion. The second place is taken by SBERBANK Life Insurance with a share of almost 10%, and the third leader is VTB Insurance (RUB 29.9 billion). INGOSSTRAKH showed the most significant GWP growth (+42.5%) among TOP-10, while AlfaStrakhovanie-Life recorded the largest drop in volume (-20.2%).
*1 EUR = 72.7230 RUB (March 31st, 2019).
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Russia 1Q2019 Market portfolio and market rankings (TOP 100 as GWP of 184 insurers)
- Paid claims
- Growth rates