RUSSIA: GWP growth on the property insurance line slowed down in the third quarter
At that GWP growth in property insurance in 1Q2018 and 1H2018 was significantly higher (13.4% and 4.2% accordingly).
The share of GWP under agreements with individuals from January to September amounted to 44.8% of the segment premiums (RUB 122.6 billions), and under agreements with individual entrepreneurs and legal entities - 55.2% (RUB 151.2 billion). The mentioned shares had almost no change y-o-y.
The biggest part in property insurance GWP portfolio was generated by Motor Hull (44.4%), in property insurance of legal entities insurers collected 28.1% of the segment GWP (not including transport and cargo insurance), premiums in property insurance of individuals amounted to 16.6%, cargo insurance - 5.3%, agricultural insurance - 1% and 4.6% of the segment premiums were collected in other types. In terms of the premiums growth the highest level was recorded in railway insurance (+25.3% y-o-y, to RUB 889.5 million).
About 120 companies have worked in property insurance during the period under consideration. TOP-10 of them generated 80.4% of the segment GWP (vs 81.5% a year ago). At that the biggest premium reduction in property insurance was recorded by ROSGOSSTRAKH (-27.8%), and the highest growth of premiums - by SBERBANK Insurance (+43%). The leader of the segment according to 3Q2018 result is still SOGAZ, although its share decreased from 22.6% a year ago to 19.5% for January-September 2018. Property insurance GWP of the leader amounted to RUB 53.3 billion (-11.6% y-o-y), as insur-info.ru wrote.
*EUR 1 = RUB 76.2294 (30.09.2018)