RUSSIA: market leader's charter capital increased to RUB 30 billion

20 January 2020 — Marina MAGNAVAL
The leader of the Russian insurance market in terms of GWP and paid claims, SOGAZ group, increased its charter capital to RUB 30 billion (~EUR 0.43 billion). The changes of the insurer's charter were registered on December 31, 2019, ASN reports.

According to the Chairman of the Board of SOGAZ, Anton USTINOV, "having the biggest charter capital on the Russian insurance market is one of the key criteria for the company's financial stability along with the largest volumes of equity, reserves and investment income."

According to the insurer's forecast, in 2019 its non-life paid claims exceeded RUB 116 billion (~EUR 1.69 billion). About 63% of this amount was paid for personal insurance, almost 23% for property, liability and financial risks, and about 14% for motor insurance.

*EUR 1 = RUB 68.6560 (as of 17.01.2020)

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