RUSSIA: in 2018 insurers paid 20% less y-o-y under court decisions

In 2018, legal settlements of insurers dropped by 20% (from RUB 20.8 billion to RUB 16.79 billion), although total volume of market paid claims increased by 2.5%, as the regulator's data show.

Among the main classes, it's worth noting that legal settlements decreased by 10% y-o-y (RUB 9.25 billion of the total MTPL paid claims - RUB 139.1 billion) for MTPL. MTPL total paid claims also dropped by 21% in 2018.

Motor Hull legal settlements decreased by 20.5%, amounting to RUB 3.4 billion of total Motor Hull paid claims - RUB 83.43 billion, which also went down by 0.3% in 2018, as reported by TASS news agency.

Legal settlements for property insurance, however, went up by 13% to RUB 1.7 billion, while legal settlements in voluntary insurance for motor vehicle owner liability remained unchanged (RUB 1 billion), ASN wrote.

*EUR 1 = RUB 79.4605 (31.12.2018)

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

Share |

Related articles

RUSSIA: Motor Hull GWP increased by 3.8% y-o-y in 2018

Motor Hull GWP increased by 3.8% (from RUB 162.5 billion to RUB 168.7 billion) in 2018, while paid claims remained at almost the same level (RUB 83.2 billion vs RUB 83.3 billion a year ago), as regulator's data show.

2019-03-14

RUSSIA: Life GWP went up by almost 33% in 2018

Life GWP in 2018, according to preliminary data, increased by 32.8% to RUB 478 billion, and paid claims in the sector went up to RUB 73.4 billion (+37.5%), Igor YURGENS, the President of the All-Russian Insurance Association (ARIA) announced.

2019-02-27

ON THE MOVE

GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).

14.03.2019

MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.

14.03.2019

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

14.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all