RUSSIA: Credit health insurance for the first half of the year amounted to 19% of all life premiums

The GWP of credit health insurance in the first half of 2018 amounted to RUB 42 billion (~EUR 0.57 billion), which accounts for 19% of all life insurance premiums. Of that amount, about RUB 10 billion (~EUR 0.14 billion) were generated by accident and illness insurance, reported ASN portal.

According to ARIA (the All-Russian Insurance Association) "accident and illness insurance of life insurers in Russia is related only to credit and mortgage cases, while in many other countries this type of insurance is one of the main business lines. Accident and illness insurance is also provided by all-lines insurers, but as of now their premiums haven't been included into the data", explained the Chairman of ARIA's committee on life insurance development, Maksim CHERNIN.

Based on the Central Bank data, in 2017 total premiums of accident insurance for the first half of the year (life and non-life) amounted to RUB 55 billion (~EUR 0.81 billion), of theTOP-5 in that class were all-lines insurers with over 50% share. 1H 2018 data of all-lines insurers GWP hasn't been published yet, but CHERNIN believes that this segment will continue to grow based on a strong growth trend in the retail lending market (in the first 6 months this market went up by 19.2%).

The insurance penetration degree in Russia at the moment is still low and far from that in European countries: life insurance in Russia for the first half year amounted only to 0.5% of GDP, while in Eastern Europe this figure is about 1.5%, and in Western Europe - around 5-8%, said ASN.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

RUSSIA: FITCH removed VSK from the Rating Watch Negative

The international rating agency FITCH removed the financial stability rating of VSK from the list of Rating Watch Negative (RWN), where it was placed in July 2018, as well as confirmed the company's rating at BB-, outlook negative, as reported by ASN.



Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.


ERGO Group appoints a Polish manager

Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.



Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.


Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.


FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.


See all