RUSSIA: Obligatory program of SBERBANK insurance has become the largest on the market

29 April 2021 — Marina MAGNAVAL
SBERBANK Insurance renewed its obligatory reinsurance treaty for liability risks, the capacity of which almost doubled to RUB 1.8 billion (~EUR 19.89 million*), thereby becoming the largest in this type on the insurance market, the insurer said.

Coverage includes a wide range of types of liability insurance, including civil, professional liability, liability of manufacturers, directors and officers (D&O).

The leading international and Russian companies are the parties to the obligatory treaty, and the European SCOR (AA-S&P) remains the leader.

The insurer noted in its press release that the corporate business of SBERBANK insurance is developing dynamically - premiums for insurance of legal entities in 2020 increased by 34%, and in the first quarter of 2021 - by 2.4 times. In addition, to ensure further growth of the portfolio, the company increased its charter capital, the volume of the property obligatory program, and now doubled the capacity of the obligatory liability risk reinsurance program. All these will allow the company to increase the volume of risks accepted for insurance and move towards leading positions in all key segments, as Mikhail VOLKOV, General Director of SBERBANK Insurance, noted in a press release.

SBERBANK Insurance is a subsidiary of Sberbank of Russia specializing in property and personal insurance programs, except for life insurance. It is included in the TOP-10 non-life insurance companies in Russia in terms of GWP volume and has a rating at ruAA based on the Expert RA scale.

* at the following exchange rate:

1 EUR = 90.4666 RUB (28.04.2021)

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