In January-September 2021, GWP under contracts accepted for reinsurance increased by 4.5% to RUB 52.3 billion (~EUR 0.61 billion*), while paid claims increased by 57.3%, to RUB 19.4 billion, according to the Bank of Russia, ASN writes with reference to the Finamarket portal.

The largest share of GWP in inward reinsurance for the period fell on inward insurance contracts for property of legal entities (56.8% or RUB 29.8 billion). The segment increased by 8.2% y-o-y.

The share of reinsurance premiums received within the territory of the Russian Federation accounted for 60.2% or RUB 31.8 billion (+5.5%), while the share of reinsurance premiums received from outside the Russian Federation amounted to 39.8% or RUB 20.5 billion (+3.2%).

Contracts accepted for reinsurance within the territory of the Russian Federation accounted for 57.4% of all paid claims on reinsurance or RUB 11.1 billion (+48.8%), while contracts accepted for reinsurance from outside the Russian Federation accounted for 42.6% of the total reinsurance paid claims or RUB 8.2 billion (+70.5%).

GWP from outward reinsurance contracts for 9 months of 2021 amounted to RUB 122.4 billion, which is 1% less compared to the same period in 2020, as follows from the regulator's data. The largest share came from the contracts on property risks of legal entities (48.6% or RUB 59.5 billion), but this segment decreased by 10% y-o-y. At the same time, GWP from outward reinsurance of entrepreneurial risks saw a noticeable increase (+10.2% to RUB 12.5 billion). In the overall portfolio of outward reinsurance, their share reached 10.2% (vs 8.3% a year earlier), the source writes.

* 1 EUR = 84.8755 RUB (September 30th, 2021)