RUSSIA: MTPL paid claims decreased by 27 % y-o-y after first 9 months

According to preliminary data of the Russian Association of Motor Insurers (RAMI), for the first 9 months of this year MTPL GWP amounted to RUB 167.16 billion, which is almost the same level as a year ago.

Still, MTPL paid claims dropped by 27% y-o-y to RUB 103.5 billion. The average premium in September was 1.4% lower than in September 2017 and the average paid claim amount also decreased by 7%. Total number of claimed insurance cases went down by 15% y-o-y and total number of settled cases decreased by 14%, reported RAMI.

As the President of RAMI, Igor YURGENS, stated, among the factors reducing the average premium, it is worth noting the increasing discounts based on the bonus-malus system, as well as declining average cost of MTPL policy by about 10%, against the background of a significant reduction in the ROSGOSSTRAKH MTPL market share from 40% to 9%, which, according to YURGENS, affected competition in this insurance class.

*EUR 1 = RUB 76.2294 (as of 30.09.2018)

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