STATISTICS:

STATISTICS: RUSSIA: local insurance market in Q1 increased by 19.3%

The market growth rates during the Q1 increased fourfold. GWP in the amount of RUB 377.4 billion exceeded by 19.3% the result of Q1 2017, when the growth rate amounted to 5.3%, according to the statistics published by the Central Bank of Russia.

Director for insurance and investment ratings at EXPERT RA Aleksey YANIN believes that it is rather difficult to forecast the whole year based only on Q1 result. However, life insurance is still the market driver (52.4% of the total growth). Among other active classes: insurance of other property of legal entities (+14%), accidents and diseases (+11.6%) and voluntary medical insurance (+6.5%). Motor insurance keeps dropping (- 4.6%). Total market paid claims in Q1 amounted to RUB 109.1 billion (- 11.7%), and in life insurance, by contrast, increased by 54.3%.

Life premiums grew by 53.6% mainly thanks to investment products. MTPL premiums dropped by 4.6% against dropping number of insurance agreements and average policy cost. Motor Hull was almost flat with a very slight decrease by 0.1%. Last year MTPL total loss amounted to RUB 15 billion. Due to that this year the regulator is planning expansion of the basic tariff corridor by 20% as a part of the sector's reform measures.





Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all