According to information provided on the Russian Union of Motor Insurers (RAMI) website, the first agreement was concluded by the Russian motor insurers’ association within the framework of the newly established Blue Card system, with the Belarusian Bureau of Transport Insurance and became effective on 2 September.
The insurance market ended the first half of 2023 with RUB 1,073.12 billion (EUR 11.28 billion), which is 24% more y-o-y in rubles. However, in euros, it decreased by 29% due to a sharp change in exchange rate compared to the first half of 2022. Paid claims reached RUB 494.68 billion rubles (+17%)/EUR 5.20 billion, as follows from data published by the Central Bank.
UNIQA announced is selling its 75% share in the Russian company Raiffeisen Life to the Russian insurance company Renaissance Life, along with AO Raiffeisenbank, which belongs to the Raiffeisen Bank International Group and owns the remaining 25% of the shares.
In 1Q2023, the market significantly grew y-o-y. This was largely due to the low base effect, since in February-March 2022 the external conditions for the Russian economy deteriorated sharply, which led, among other things, to a significant decrease in activity in the insurance market and a GWP reduction at the end of 1Q2022, the Central Bank notes in its review.
The insurance market at the end of 2022 remained virtually unchanged, while the Central Bank noted that quarterly dynamics was multidirectional and followed changes in economic activity. GWP decreased in the insurance types related to lending and life insurance, and support was mainly provided by motor insurance and life insurance segments, according to the latest CB's review of key performance indicators of insurers.
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.
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.
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.
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.
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".
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.
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-.
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.
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.
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
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
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.
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
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.
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.