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Russia 3Q2022 Market Portofolio
Russia 1H2022 Market Portfolio
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STATISTICS: RUSSIA, 3Q2022: profit of the insurers drops by more than 31% y-o-y in 9M2022
At the end of 3Q2022, the market saw a slight decrease, amounting to RUB 1,327.93 billion (EUR 23.96 billion). It is worth noting the rapid growth in the European currency due to the positive dynamics of the ruble exchange rate against the euro (from ~84 rubles / euro in 2021 to ~50 rubles / euro at the end of September 2022), according to the market data published by the Central Bank.
15 December 2022STATISTICS: RUSSIA, 1H2022: market down by 3.57% y-o-y in local currency and nominal terms
At the end of 1H2022, the market amounted to RUB 862.25 billion (EUR 16 billion), having decreased by 3.57% y-o-y in local currency and nominal terns. Considering the 15.9% y-o-y inflation rate, the inflation adjusted results show an almost 17% y-o-y fall in GWP.
22 September 2022STATISTICS: RUSSIA, 1Q2022: the market shrank by 1.64% due to worsening of foreign trade and financial conditions
The Russian insurance market in 1Q2022 decreased by 1.64% y-o-y due to deterioration in foreign trade and financial conditions. GWP amounted to RUB 452.28 billion (EUR 4.83 billion). At the same time, the fall was only in life insurance (almost 11%), while non-life insurance recorded a slight increase, as shown by data published by the Central Bank.
30 June 2022Allianz to sell majority stake in Russian operations to Interholding
The Allianz Group has agreed to sell a majority stake in its Russian operations to Interholding, the owner of Russian P/C insurer Zetta Insurance. Upon the completion of the transaction, Allianz will hold a minority stake of 49.9% in the combined company.
6 June 2022SCOR's Q1 2022 results will be impacted by the conflict in Ukraine
French reinsurer SCOR announced, its Q1 2022 results will be impacted by the conflict in Ukraine. "Since the beginning of the war in Ukraine on 24th February 2022, SCOR has been closely monitoring the unfolding of events, and the resulting potential impact of the conflict and related international sanctions on its activity".
27 April 2022STATISTICS: Russia, FY2021: life insurance segment continued to grow, its share in the market portfolio reached 29%
The Russian insurance market grew by 17.52% in 2021 supported by recovery in economic activity after 2020. GWP increased in all major segments, and more than a third of the growth came from insurance related to lending to individuals, about a third - from investment and accumulative life insurance, according to a review of key performance indicators of insurers published by the Central Bank.
12 April 2022Russian insurers downgraded on severely adverse macroeconomic climate
S&P Global Ratings said on 7 March 2022 that it has taken negative rating actions on its rated Russian insurers, reflecting the agency's view of the heightened likelihood of financial and business vulnerability caused by rapidly escalating geopolitical and economic risks in Russia and follow the lowering of the Russian sovereign rating to CCC-.
8 March 2022RUSSIA: foregin participation in the total charter capital of insurers amounted to 10.01%
Foreign participation in the total charter capital of insurance companies in Russia as of January 1, 2022, amounted to 10.01% (vs 10.40% as of January 1, 2021), ASN reports according to the Bank of Russia.
22 February 2022RUSSIA: in 2021, SberLife Insurance had a record amount of paid claims
In 2021, SberLife Insurance generated RUB 155.7 billion (EUR 1.85 billion*) of GWP, which is 46.8% more y-o-y. Accumulative life insurance continues to hold the largest share in the insurer's portfolio (RUB 67.7 billion or 43% of the total volume, +20.4%), according to the insurer's press service.
22 February 2022RUSSIA: INGOSSTRAKH's business increased by 20.5% in 2021
Total GWP of INGOSSTRAKH, one of the TOP-5 market leaders, for 2021 amounted to RUB 139.8 billion (+20.5%)/EUR 1.66 billion*. At the same time, RUB 129.8 billion (+22%) came from direct insurance and RUB 10 billion (+6%) - from inward reinsurance, the company said in its statement.
16 February 2022RUSSIA: NAAI: in 2021, the agroinsurance market will reach at least RUB 9 billion
According to the National Association of Agriculture Insurers (NAAI), in 2021, the market of subsidized agroinsurance again saw positive dynamics: GWP increased to RUB 7.7 billion (EUR 91.59 million*), of which RUB 5.5 billion came from insurance of crop risks, RUB 2.2 billion - from livestock insurance, and RUB 0.1 billion rubles - from insurance of commercial aquaculture, according to NAAI.
7 February 2022RUSSIA: Renaissance Life and Banki.ru create a tool for personal budget management
The Banki.ru financial supermarket (one of the Russian main financial portals) and Renaissance Life insurance company (one of the top-10 Russian insurers) have created a tool for personal budget management based on a financial product generator, the company said in its press release.
3 February 2022RUSSIA: INGOSSTRAKH renews its obligatory technical risks reinsurance contract for 2022 with a capacity of EUR 125 million
The insurance company INGOSSTRAKH has renewed its program of outward reinsurance of technical risks for 2022 with a capacity of EUR 125 million, the insurer said in a statement.
2 February 2022RUSSIA: NCR: By the end of 2022, GWP will exceed RUB 2 trillion
In 2022, the market will rise 10% and exceed RUB 2 trillion (~EUR 11.55 billion*), according to the forecast of the NCR rating agency (National Credit Ratings). Growth drivers will be accident insurance and voluntary health insurance.
2 February 2022RUSSIA: Pavel RUDENSKY appointed Vice President of RNRC, Mikhail SEPP - Vice President for Retrocession and Sustainable Business Development
Pavel RUDENSKY has been appointed Vice President of RNRC (Russian National Reinsurance Company) for business development with the CIS. Mikhail SEPP, who headed this RNRC business unit, has been appointed vice president for retrocession and sustainable business development, ASN wrote according to information from the reinsurer.
25 January 2022RUSSIA: SberLife Insurance made over 100,000 payments for credit insurance in 2021
In January-December 2021, SberLife Insurance made 100.2 thousand payments for insured events under voluntary life insurance contracts of borrowers of consumer and mortgage loans, and total amount of paid claims reached RUB 11.687 billion (~EUR 0.14 billion*). The number of claims increased by 29.4%, and amount - by 42.3% y-o-y, according to the insurer's press release.
21 January 2022RUSSIA: Expert RA forecasts the insurance market growth in 2022 by 7-9%
The rating agency Expert RA has published a preliminary forecast for the insurance market development in 2022, according to which the market will grow by 7-9% y-o-y, and total GWP approach RUB 2 trillion (~EUR 23 billion*), ASN reports with reference to the rating agency.
17 January 2022RUSSIA: Vladimir CHISTYUKHIN appointed First Deputy Chairman of the Bank of Russia
First Deputy Chairman of the Bank of Russia Sergey SHVETSOV decided to leave his post on March 21, 2022, ASN reports with reference to the press service of the regulator.
17 January 2022RUSSIA: VSK: the largest share of claims in 2021 came from voluntary health insurance
According to the preliminary results of 2021, paid claims of VSK (one of the top-10 insurers) for all types of insurance reached almost RUB 37 billion (~EUR 0.44 billion*), and the number of settled claims was about 600 thousand, ASN wrote.
17 January 2022RUSSIA: requirements for the minimal charter capital of insurers increased from January 1
From January 1, 2022, requirements for the minimal charter capital of non-life insurers increased from RUB 180 million to RUB 240 million. For life insurers, the minimal amount increased from RUB 310 million to RUB 380 million, for reinsurers - from RUB 520 million to RUB 560 million, ASN reports with reference to the Finmarket portal.
12 January 2022
