Russia
STATISTICS: RUSSIA, 3Q2021: the market grew by more than 19%, credit life insurance remains the key growth driver
Total GWP for 9 months of 2021 amounted to RUB 1.356 trillion (~EUR 15.98 billion), which is RUB 220 billion or 19.4% more y-o-y, follows from data published by the Bank of Russia. Paid claims increased from RUB 464.7 billion to RUB 587.5 billion (+26.4%).
14 December 2021RUSSIA: Fitch Ratings affirms the financial strength rating of the Russian National Reinsurance Company (RNRC) at BBB
Fitch Ratings has affirmed the financial strength rating of the Russian National Reinsurance Company (RNRC) at BBB with a stable outlook, ASN reports.
8 December 2021RUSSIA: for 9M2021, the profit of the insurance sector decreased by almost 18% y-o-y
The profit of Russian insurers in 9M2021 decreased by 17.7% to RUB 189.7 billion (~EUR 2.25 billion*) due to the negative currency revaluation of assets.
8 December 2021RUSSIA: ARIA: credit insurance is making the main contribution to the market dynamics in 2021
According to the ARIA Insurance Institute (All-Russian Insurance Association), the main contribution to the market dynamics in 1H2021 was made by credit insurance of individuals, which exceeded 22% in the total GWP, having increased by 47% y-o-y, the President of ARIA Igor YURGENS said at the Forum of Insurance Market Leaders on November 24, ASN reports.
1 December 2021RUSSIA: Expert RA: life insurance will grow by 21% in 2021, and by 13% in 2022
By the end of 2021, the life insurance market will grow by 21% y-o-y, and will reach RUB 521 billion (~EUR 6.18 billion), as the Expert RA agency said in its forecast, ASN reports with reference to the agency's review.
1 December 2021RUSSIA: in 9M2021, net profit of RENAISSANCE Insurance increased by 7%, and GWP - by 27% y-o-y
Adjusted net profit of RENAISSANCE Insurance (included in the TOP-15 insurance companies) according to IFRS for 9 months of 2021 increased by 7% y-o-y reaching RUB 3.5 billion (EUR 41.51 million*), ASN reports with reference to the insurer's statement.
23 November 2021RUSSIA: net profit of the Russian National Reinsurance Company (RNRC) for 9 months increased by almost 28% y-o-y
From January to September 2021, net profit of the Russian National Reinsurance Company (RNRC) amounted to RUB 7.9 billion (EUR 93.70 million*), which is 27.7% more compared to the same period in 2020, writes ASN with reference to the reinsurer's published report.
16 November 2021RUSSIA: the number of complaints against insurers to the Central Bank increased by 20%, while the number of insurance complaints to the Financial Ombudsman decreased by 17%
For 9 months of 2021, the number of complaints against insurers received by the Central Bank amounted to 28 thousand, which is 20.4% more y-o-y, ASN wrote with reference to the data of the Bank of Russia.
16 November 2021RUSSIA: after three quarters of the year, life insurance continues to grow - by almost 25% y-o-y
The life insurance GWP from January to September 2021 continued to grow, having increased by 24.9% y-o-y, to RUB 399.7 billion (EUR 4.74 billion*), ASN informed with reference to the All-Russian Insurance Association (ARIA).
16 November 2021Renaissance Life and InDeFi SmartBank to unveil game-changing product to solve one of the problems facing the crypto industry
Russian Renaissance Life has signed a cooperation agreement with the founder of the decentralized financial project Independent Decentralized Finance SmartBank & Ecosystem, with the aim of providing for a solution to access problems users of the cryptocurrency often have.
12 November 2021RUSSIA: from January to September, GWP of SBERBANK Insurance increased by 30%, and paid claims - by more than 34% y-o-y
GWP of SBERBANK Insurance for three quarters of 2021 exceeded RUB 20 billion (~EUR 0.24 billion*), which is 30% more y-o-y. At the same time, the company's net profit amounted to RUB 5.5 billion, ASN reports.
10 November 2021RUSSIA: ROSGOSSTRAKH saw the most impressive growth among TOP-3 MTPL leaders for 9 months of 2021
ROSGOSSTRAKH's GWP in MTPL from January to September 2021 grew by 20.5% to RUB 23 billion (EUR 0.27 billion*), while the growth rate of the segment's leader - RESO-Garantia was only 6% (to RUB 29.3 billion).
1 November 2021RUSSIA: S&P improved ratings of INGOSSTRAKH
S&P Global Ratings improved the long-term financial strength rating and the credit rating of INGOSSTRAKH to BBB from the previous rating at BBB- with a stable outlook on the ratings, ASN reports.
1 November 2021A first for Russia: Renaissance Insurance teams up with Mains Lab to incorporate AI technologies motor insurance claims calculations
After conducting large-scale and detailed testing, carried out on hundreds of cases, Renaissance Insurance decided to begin using an AI service provided by Mains Lab to calculate damages in its commercial operations, the company announced.
28 October 2021RUSSIA: Net profit of Renaissance insurance group for 9 months exceeded RUB 7 billion
Net profit of the Renaissance insurance group for 9 months of 2021 increased by 3.4 times y-o-y, exceeding RUB 7 billion (~EUR 83 million*), ASN reports referring the insurer's statement (under the OSBU).
22 October 2021RUSSIA: S&P improves the long-term ratings of ROSGOSSTRAKH
S&P Global Ratings has improved the financial strength rating and the credit rating of ROSGOSSTRAKH to BB +, with a stable outlook on the ratings. Since October 2020, the oldest insurer in Russia (the company celebrates its 100th anniversary in 2021) has had BB ratings. In April 2021, the agency improved its rating outlook to positive, the insurer said in a press release.
22 October 2021Armen MKHITARYAN appointed Director of Partnership Sales Development at SberStrakhovanie Life
Armen MKHITARYAN has been appointed Director for Partnership Sales Development at SberStrakhovanie Life. Armen's main tasks are building and developing partner sales and coordinating marketing activities.
21 October 2021RUSSIA: the share of electronic insurance contracts decreased from 40% to 10%
During the lockdown in the first half of 2020, about 40% of insurance contracts were concluded online. However, the fear of fraud and losses again led to a decrease in the share of electronic contracts below 10%, said Vladimir CHISTYUKHIN, Deputy Chairman of the Bank of Russia, in an interview with ASN.
20 October 2021RUSSIA: SberInsurance received a rating from S&P
The international rating agency S&P has assigned SberInsurance, one of the leaders of the Russian market, a financial strength rating at BBB- with a stable outlook. The agency expects that in the future the company's capital will reach a level corresponding to the rating of BBB, the insurer said in its press-release.
11 October 2021RUSSIA: sales of electronic MTPL policies from SBERBANK Insurance have started
On October 1, SBERBANK Insurance launched sales of own e-MTPL policies, ASN reports. The company appeared in the list of MTPL insurers.
5 October 2021
