RUSSIA: SBERBANK Insurance received a license for MTPL

17 June 2021 — Marina MAGNAVAL
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.

In 2020, Sberbank was the first Russian bank to launch an online motor insurance marketplace in its own mobile application, which today presents offers on MTPL from 11 partners - large Russian insurers. The marketplace format will remain after Sberbank Insurance (its subsidiary) starts selling policies.

"Obtaining a license is an important step for entering the MTPL market. Now we are completing the preparation of IT systems and other business processes of the company for high-quality work with our clients. In the fourth quarter, Sberbank Insurance will launch sales of MTPL and will synchronize its massive sales of Motor Hull policies with this event. We want to become one of the leaders in both - the Sberbank marketplace and the MTPL segment", emphasized Natalya ALYMOVA, Senior Vice President, Head of the "Wealth Management" Unit of Sberbank.

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.

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