RUSSIA: GWP growth on the property insurance line slowed down in the third quarter

According to the statistical data published by the Bank of Russia, GWP of property insurance for 3Q this year amounted to RUB 273.8 billion (+2.3% y-o-y), while paid claims reached RUB 107.3 billion (+1.5%). The share of paid claims in premiums remained the same as a year ago (39.2%).

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)

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