Russia
RUSSIA: 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 2022RUSSIA: for 11 months 2021 MTPL GWP increased by 7% and paid claims - by 5% y-o-y
GWP in MTPL for the period from January to November 2021 amounted to RUB 214.43 billion (~EUR 2.53 billion*), which is 7% more y-o-y. At that paid claims in the segment reached RUB 130.3 billion (+5%), writes ASN with reference to preliminary data of the Russian Association of Motor Insurers (RAMI).
10 January 2022RUSSIA: NAAI: by the end of 2021, GWP in agroinsurance will exceed RUB 9 billion rubles
For 11M2021, paid claims of Russian agricultural insurers (under contracts with and without state subsidies) exceeded total paid claims for the entire 2020 by 35% and reached RUB 4.2 billion (~EUR 49.51 million*), as reported by the President of the National Association of Agricultural Insurers (NAAI) Korney BIJDOV, ASN reports.
27 December 2021RUSSIA: in January-September, GWP in inward reinsurance increased by 4.5%, and paid claims - by 57.3% y-o-y
In January-September 2021, GWP under contracts accepted for reinsurance increased by 4.5% to RUB 52.3 billion (~EUR 0.61 billion*), while paid claims increased by 57.3%, to RUB 19.4 billion, according to the Bank of Russia, ASN writes with reference to the Finamarket portal.
27 December 2021RUSSIA: long-term issuer credit rating and financial strength rating of ROSGOSSTRAKH placed on the CreditWatch Negative list
S&P Global Ratings has placed ROSGOSSTRAKH's long-term issuer credit rating and financial strength rating at BB+ on the CreditWatch Negative list (under revision with negative expectations) in connection with the ongoing litigation, ASN reports.
20 December 2021RUSSIA: for 9M, the share of MTPL paid claims averaged almost 65% of GWP, Motor Hull market grew by more than 20% y-o-y
According to statistics from the Bank of Russia, MTPL GWP for January-September 2021 reached RUB 172 billion (~EUR 2 billion*), which is 5% or RUB 8.2 billion more y-o-y, while paid claims reached RUB 111.3 billion (+9%), ASN wrote. The number of MTPL contracts concluded for the period increased from 29.9 million to 30.8 million units.
14 December 2021RUSSIA: GWP received through intermediaries amounted to almost 74% of all market premiums for three quarters of the year
From January to September 2021, GWP of insurers through intermediaries increased by 21%, to RUB 998.6 billion (EUR 11.76 billion*). At the same time, for 9 months of 2020, GWP through intermediaries accounted for 72.5% of all market premiums, and at the end of 9 months of 2021, this share increased to 73.6%, ASN wrote referring to the data of the Central Bank.
14 December 2021STATISTICS: 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 2021
