At the same time, the average remuneration of insurance brokers is 11% and is the lowest in the market among all the key sales channels of insurers, according to the Head of the Board of the Association of Professional Insurance Brokers Katerina YAKUNINA.
The highest average remuneration (41%) belongs to credit institutions, GWP collected through which amounted to RUB 151.2 billion, 12% more y-o-y. The second place in terms of the average remuneration is occupied by car dealers (39%), but GWP through them decreased by 2% to RUB 15.6 billion. The third largest average remuneration belongs to legal entities (35%), GWP received through them also decreased by 14%, to RUB 34.7 billion. The fourth place is taken by individual agents (21%), GWP through them amounted to RUB 76 billion (+9%). The last (fifth) place in terms of the average remuneration among the main sales channels belongs to insurance brokers (11%). It should be noted that GWP volume through this sales channel at the same time saw the most significant increase among all types of insurance intermediaries.
"These figures indicate that the demand for the services of insurance brokers is growing at a tremendous pace along with the demand for more complex insurance services. At the same time, presence of real competition between intermediaries and absence of monopolistic access to certain market segments allows us to establish the most profitable amount of remuneration for policyholders and insurers", explained Katerina YAKUNINA.
The average remuneration of other sales channels (leasing companies, medical organizations, post offices, other insurance companies, tour operators) was 22%. Through these channels the market generated RUB 5.1 billion of GWP, which is 31% more y-o-y, according to the Association's press-release.
According to the Bank of Russia, in the first quarter, insurance contracts for RUB 302.1 billion were concluded through intermediaries, which is 9.5% more than a year earlier. This represents 69% of the total GWP of insurance companies for the period. At the same time, contracts for RUB 19.5 billion (+32%) were concluded via the Internet. Thus, Internet sales accounted for 4.4% of all market premiums.
* at the following exchange rate:
1 EUR = 88.7452 RUB (01.04.2021)
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