RUSSIA: from 2017 to 2019 GWP of RNRC doubled

12 February 2020 — Marina MAGNAVAL
According to the Russian National Reinsurance Company (RNRC), its GWP amounted to RUB 14 billion (~EUR 0.2 billion) in 2019, while its profit exceeded RUB 3 billion (EUR 43.24 million), as Natalia KARPOVA, President, Chairman of the Board of RNRC, announced.

By the end of 2019, the reinsurer's capital reached RUB 26 billion and the assets amounted to RUB 43.6 billion. Over the period of RNRC's operation, the share of premiums ceded in reinsurance to the international market has decreased by 10% - from 85% to 75%. The company's GWP volume has doubled though from 2017 to 2019.

In 2019, in order to improve insurance penetration degree, which is about 1.5% in Russia, RNRC initiated implementation of the first flood zone database, which will help calculate insurance premiums in a more efficient way and quickly assess damages. The creation of a database of flood zones including all regions of Russia is one of the first steps to form a risk-office, the report of the President mentions.

On August 14, 2019, Fitch Ratings improved the financial stability rating of RNRC to "BBB" with stable outlook, confirming it later on December 6, 2019 (same outlook).

*EUR 1 = RUB 69.3777 (01.01.2020)
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