Russia
RUSSIA: total assets, equity capital and total insurance reserves of insurers increased in 1H
For the period from June 30, 2020 to June 30, 2021, total assets of Russian insurers increased by 13.7% and amounted to RUB 4.1 trillion (EUR 47.39 billion*), ASN reports with reference to the data of the Bank of Russia. At the same time, return on insurers' assets decreased to 5.6% from 8.1% a year earlier.
8 September 2021RUSSIA: average MTPL paid claim amount decreased by 1.5% in 2Q
The average amount of MTPL paid claims in the second quarter of 2021 decreased by 1.5% compared to the same period in 2020, ASN wrote with reference to the data of the Bank of Russia.
31 August 2021RUSSIA: GWP of the ROSGOSSTRAKH group increased by more than 20% y-o-y in 1H
GWP of the ROSGOSSTRAKH group, included in the TOP-10 insurers, in 1H2021 reached RUB 60.5 billion (~EUR 0.7 billion*), which is 20.5% more y-o-y in local currency, and the profit amounted to RUB 1.5 billion, ASN reports with reference on the data of the group's interim consolidated financial statements (non-life insurance company ROSGOSSTRAKH and life insurer ROSGOSSTRAKH Life).
31 August 2021RUSSIA: NAAI: agroinsurance with state support for 7 months grew by 45% y-o-y
According to the National Association of Agriculture Insurers (NAAI), out of RUB 4.3 billion/EUR 49.43 million* of insurance premium for January-July 2021 under agroinsurance contracts, 70% (RUB 3.0 billion) are related to insurance contracts for crop risks. The segment grew by 45% y-o-y, as stated on the NAAI website.
24 August 2021RUSSIA: in January-June, GWP of SBERBANK life insurance grew by more than 38% y-o-y
In January-June 2021, GWP of SBERBANK life insurance amounted to RUB 64 billion (~EUR 0.74 billion*), which is 38.3% more y-o-y. The largest share in the GWP portfolio still belongs to accumulative life insurance (ALI), however, the highest GWP growth was demonstrated by investment life insurance (ILI), the insurer said.
16 August 2021RUSSIA: GWP of ROSGOSSTRAKH Life in 1H up by 24% y-o-y
GWP of ROSGOSSTRAKH Life in the first half of 2021 increased by 24% to RUB 11.8 billion (~EUR 0.14 billion*), the insurer said.
16 August 2021RUSSIA: rating agency Expert RA improved insurance financial strength rating of ROSGOSSTRAKH Life to ruAA
The Expert RA rating agency has improved insurance financial strength rating of ROSGOSSTRAKH Life to ruAA with a stable outlook. Previously, the company had a rating at the ruAA- level with a stable outlook, the insurer said.
13 August 2021RUSSIA: the number of MTPL appeals to the Financial Ombudsman in 1H decreased by more than 15% y-o-y
In the first half of 2021, the number of appeals to the Financial Ombudsman for Disputes of Clients of MTPL insurers decreased by 15.5% y-o-y and amounted to 65,579, as reported by the Chief Financial ombudsman Yuri VORONIN, as ASN reports.
13 August 2021RUSSIA: GWP of SberInsurance in 1H increased by 26% y-o-y
GWP of Sberbank's subsidiary SberInsurance in the first half of 2021 amounted to RUB 11.6 billion (EUR 0.13 billion*), which is 26% more y-o-y. The company's net profit for the period increased by 3% - to RUB 3.8 billion, according to a press release from the company.
3 August 2021RUSSIA: Expert RA: e-insurance will continue to develop at a faster pace
Digitalization in the insurance market has accelerated dramatically due to the pandemic, and projects that were planned to be launched in 2-3 years or more are being implemented as a priority.
29 July 2021RUSSIA: Sovcombank Life (formerly MetLife): Net Promoter Score reaches All-Time High in 2020
MetLife (now Sovcombank Life) at the beginning of the pandemic within two weeks transferred 95% of its employees to a remote work format for business continuity and maintaining high quality of service, said Goncharova Zhanna, President of Sovcombank Life, in an interview for "Strakhovanie segonya".
27 July 2021RUSSIA: ACRA Rating Agency has affirmed the rating of GIC Perestrakhovanie at AA (RU)
On July 19, 2021, ACRA, Russian rating agency, affirmed the effective credit rating of GIC Perestrakhovanie (100% subsidiary of General Insurance Corporation of India (GIC Re) at AA (RU), outlook stable, the reinsurer said.
20 July 2021RUSSIA: Expert RA: bancassurance may grow by 12% in 2021
Despite the pandemic and quarantine restrictions in 2020, the Russian bancassurance market grew by 8.2% to RUB 668.4 billion (EUR 7.37 billion*). This was facilitated by anti-crisis measures, as well as the desire of citizens to receive a higher investment income due to low interest rates on deposits, according to the recent review of the Expert RA rating agency.
19 July 2021RUSSIA: rating agency Expert RA affirmed the highest reliability rating of SBERBANK Life Insurance
The Expert RA rating agency has affirmed the financial strength rating of SBERBANK life insurance at ruAAA with a stable outlook. As noted by the agency, the rating was affected, among other things, by the high quality of the company's assets, high free capital and absence of a debt burden, the insurer said in a press release.
19 July 2021RUSSIA: profitability on accumulative insurance contracts of SBERBANK Life insurance in 2020 amounted to 8%
SBERBANK life insurance, subsidiary of Sberbank, reported that following the results of its investment activities in 2020, the yield on accumulative life insurance contracts (ALI) for ruble-denominated policies was 8% per annum, and for policies denominated in dollars - 3%.
15 July 2021RUSSIA: a law on operation of foreign insurers on the Russian insurance market signed
President Vladimir PUTIN signed a law that determines the procedure for admission and activity of foreign
6 July 2021RUSSIA: since July 1, agroinsurance significantly modified so that farmers can insure crops in case of loss as a result of emergency
Since July 1, agroinsurance in Russia has been significantly modified, which marked a new stage in the development of the agroinsurance system as a partner of the state in protecting the agro-industrial complex, said Korney BIJDOV, President of the National Association of Agriculture Insurers (NAAI), writes ASN.
6 July 2021RUSSIA: from July 1, the first stage of increasing solvency requirements to begin for 70% of companies
The first stage of increasing the solvency requirements for companies will start on July 1 and the Bank of Russia is satisfied with how the insurance market is approaching this, said Philip GABUNIYA, director of the insurance market department of the Bank of Russia, on June 29, "Strakhovanie segodnya" reports.
30 June 2021RUSSIA: from January to May, agroinsurance with state support grew by 35% y-o-y
For the first five months of 2021, the agroinsurance with state support in Russia grew by 35% y-o-y to RUB 2.4 billion (~EUR 26.85 million*), according to the President of the NAAI (National Association of Agriculture Insurers) Korney BIJDOV.
22 June 2021RUSSIA: insurance market growth is expected at 8-9% in 2021
Expert RA rating agency has developed various development scenarios for the Russian insurance market for 2021 and does not expect the market to drop in any of them.
22 June 2021
