RUSSIA: in 2018 compensation payments from RAMI's insolvency fund increased by almost 74% y-o-y

According to the Russian Association of Motor Insurers (RAMI), compensation payments from the insolvency fund for the insurers that left the market, amounted to RUB 9.9 billion (+73.7% y-o-y) in 2018, as ASN wrote.

A year ago (in 2017) this figure reached RUB 5.7 billion, in 2016 it was RUB 4.9 billion. Total number of payment claims in 2018 was 83.8 thousand, in 2017 it was 58.9 thousand and 58.2 thousand in 2016.

As the Director of the Analytical Credit Rating Agency (ACRA), Alexey BREDIKHIN believes such a rapid increase of compensation payments was caused by the exit of some "relatively large MTPL insurers" from the market in 2017 and 2018. For example, in 2018 RAMI started to make compensation payments for 7 insurers (Dalakfes, YuzhUralZhaso, ASKO, Hoska, CSO, Diamant and Yakor).

*EUR 1 = RUB 79.4605 (30.12.2018)

EUR 1 = RUB 68.8668 (30.12.2017)

EUR 1 = RUB 63.8111 (31.12.2016)

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