Russia
RUSSIA: Expert RA: bancassurance may grow by 12% in 2021
Despite the pandemic and quarantine restrictions in 2020, the Russian bancassurance market grew by 8.2% to RUB 668.4 billion (EUR 7.37 billion*). This was facilitated by anti-crisis measures, as well as the desire of citizens to receive a higher investment income due to low interest rates on deposits, according to the recent review of the Expert RA rating agency.
19 July 2021RUSSIA: rating agency Expert RA affirmed the highest reliability rating of SBERBANK Life Insurance
The Expert RA rating agency has affirmed the financial strength rating of SBERBANK life insurance at ruAAA with a stable outlook. As noted by the agency, the rating was affected, among other things, by the high quality of the company's assets, high free capital and absence of a debt burden, the insurer said in a press release.
19 July 2021RUSSIA: profitability on accumulative insurance contracts of SBERBANK Life insurance in 2020 amounted to 8%
SBERBANK life insurance, subsidiary of Sberbank, reported that following the results of its investment activities in 2020, the yield on accumulative life insurance contracts (ALI) for ruble-denominated policies was 8% per annum, and for policies denominated in dollars - 3%.
15 July 2021RUSSIA: a law on operation of foreign insurers on the Russian insurance market signed
President Vladimir PUTIN signed a law that determines the procedure for admission and activity of foreign
6 July 2021RUSSIA: since July 1, agroinsurance significantly modified so that farmers can insure crops in case of loss as a result of emergency
Since July 1, agroinsurance in Russia has been significantly modified, which marked a new stage in the development of the agroinsurance system as a partner of the state in protecting the agro-industrial complex, said Korney BIJDOV, President of the National Association of Agriculture Insurers (NAAI), writes ASN.
6 July 2021RUSSIA: from July 1, the first stage of increasing solvency requirements to begin for 70% of companies
The first stage of increasing the solvency requirements for companies will start on July 1 and the Bank of Russia is satisfied with how the insurance market is approaching this, said Philip GABUNIYA, director of the insurance market department of the Bank of Russia, on June 29, "Strakhovanie segodnya" reports.
30 June 2021RUSSIA: from January to May, agroinsurance with state support grew by 35% y-o-y
For the first five months of 2021, the agroinsurance with state support in Russia grew by 35% y-o-y to RUB 2.4 billion (~EUR 26.85 million*), according to the President of the NAAI (National Association of Agriculture Insurers) Korney BIJDOV.
22 June 2021RUSSIA: insurance market growth is expected at 8-9% in 2021
Expert RA rating agency has developed various development scenarios for the Russian insurance market for 2021 and does not expect the market to drop in any of them.
22 June 2021RUSSIA: a law signed on insurance of farmers with state support in case of state of emergency
President Vladimir Putin signed a law according to which farmers will be able to conclude agroinsurance contracts with state support if an emergency is declared in the region, ASN reports.
17 June 2021RUSSIA: SBERBANK Insurance received a license for MTPL
On June 10, the Bank of Russia issued a license to Sberbank Insurance for compulsory motor third party liability insurance (MTPL), the insurer said in its press release.
17 June 2021STATISTICS: RUSSIA, 1Q2021: market GWP increased by almost 8%, while profits fell by a third
Total market GWP in the first quarter of 2021 increased by about 7.9% y-o-y, to RUB 460 billion (EUR 5.17 billion). Paid claims for the period increased to RUB 185.3 billion (+16.2%), according to the statistical data, published by the Central Bank.
17 June 2021RUSSIA: in Jan-March, RESO-Garantia's GWP grew by 17.6% y-o-y, and pad claims - by 17.5%
In the first quarter of 2021, GWP of RESO-Garantia, one of the top-5 market leaders, reached RUB 29.48 billion (EUR 0.33 billion*), which is 17.6% more y-o-y. At the same time, the insurer's paid claims amounted to RUB 14.42 billion (+17.5%), ASN reports with reference to the company's press release.
9 June 2021RUSSIA: in January-March, the average remuneration of insurance brokers was 11% and is the lowest in the market
In the first quarter of 2021, total GWP volume through insurance brokers amounted to RUB 19.4 billion rubles (~EUR 0.22 billion*), which is 83% more than in the same period in 2020, ASN reported.
9 June 2021RUSSIA: ROSGOSSTRAKH Life received the highest mark for the quality of services
ROSGOSSTRAKH Life received the "Quality Mark" rating at the A1 level - the highest level of service quality. The company was rated by the BusinessDrom analytical center. This rating was assigned for the first time, according to the insurer's press release.
9 June 2021RUSSIA: SBERBANK insurance insured the buildings and property of the State Kremlin Palace for RUB 8 billion
SBERBANK insurance has insured the buildings and property of the State Kremlin Palace for a total amount of RUB 8 billion (~EUR 89.5 million*), the insurer said in its press-release.
3 June 2021RUSSIA: the number of complaints on MTPL in 1Q2021 was the minimum for the entire period of the financial ombudsman's operation
In the first quarter of 2021, the number of complaints on MTPL recorded by the financial ombudsman was minimal, which, among other things, was influenced by the stimulation of customer focus of insurers, who did not find it profitable to bring disputes to the financial ombudsman, ASN reported with reference to the financial ombudsman's press-release.
31 May 2021RUSSIA: Igor KOBZAR joined the Presidium of ARIA
Igor KOBZAR, General Director of Sberbank Life Insurance, joined the Presidium of the All-Russian Insurance Association (ARIA). The general meeting of ARIA made a relevant decision on May 26, as the insurer said in its press release.
27 May 2021RUSSIA: SOGAZ assigned AAA.ru credit rating with stable outlook
The National credit rating agency NKR assigned AAA.ru credit rating to SOGAZ with a stable outlook, ASN reported.
26 May 2021RUSSIA: ARIA: life insurance GWP for the first quarter increased by 6.3%, and paid claims - by more than 59%
In the first quarter of 2021, life insurance GWP continued to grow and y-o-y increase amounted to 6.3%, to RUB 115 billion (EUR 1.29 billion*), according to the website of the All-Russian Insurance Association (ARIA).
26 May 2021RUSSIA: in the first quarter GWP of ROSGOSSTRAKH increased by 5.5% y-o-y
From January to March 2021, GWP of ROSGOSSTRAKH amounted to RUB 23.6 billion (EUR 0.26 billion*), which is 5.5% more y-o-y, ASN reports.
20 May 2021
