STATISTICS: RUSSIA, 1Q2019: market GWP remained almost unchanged amid paid claims growth of about 28% y-o-y

20 June 2019 — Marina MAGNAVAL
Insurer GWP amounted to RUB 378.6 billion (EUR 5.2 billion) in 1Q2019, almost the same level as a year ago. Meanwhile, total paid claims increased rapidly, by 27.6% to RUB 139.2 billion (EUR 1.9 billion), statistical data of the Bank of Russia show.

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).

Access and download 1Q2019 Russian insurance market statistics (in EUR and RUB)

Russia 1Q2019 Market portfolio and market rankings (TOP 100 as GWP of 184 insurers)
  • GWP
  • Paid claims
  • Growth rates

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