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 wrote.

*EUR 1 = RUB 76.2294 (30.09.2018)

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

Share |

Related articles


ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.



Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and 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. The low insurance penetration rates across the region show the need for another approach.


Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all