RUSSIA: in Q1 2018 premiums through intermediaries increased more than by 25%

For 1Q2018 premiums via intermediaries amounted to RUB 238.7 billion (+25.6%), which makes 63.2% of the total quarter GWP (vs RUB 190 billion or 60% of the total GWP a year ago), according to the Central Bank of Russia.

Total volume of the commission fees, received by intermediaries during Q1, increased by 21.1% and amounted to RUB 50.4 billion (vs RUB 39.2 billion a year ago). In terms of sales banks are the leading channel (44.8% of the total premiums through intermediaries vs 38% a year ago). Premiums, received by insurers through banks, reached RUB 107.1 billion (+48%), and banks received from the local insurers RUB 23.5 billion of commission fees (+21.9%).

In Q1 this year individual agents had a share of more than 27.9% of total premiums, received through intermediaries (vs 22.7% a year ago). Commission fees of individual agents amounted to RUB 13 billion (vs RUB 12.9 billion a year ago). Positive dynamics in terms of premiums was also shown by postal establishments (+182%) and insurance agents-legal entities (+135.6%). Leasing companies in Q1 generated premiums up y-o-y by 94%, auto dealers - up by 6.8%. Via internet Russian insurers produced almost 3 times more y-o-y (RUB 12.8 billion vs RUB 3.9 billion). Share of the premiums, received online, in total GWP amounted to 3.4% (vs 1.2% in Q1 2017). RUB 358.1 million of online premiums were generated by Motor Hull, RUB 193 million - by voluntary health insurance, about RUB 11.8 billion - by MTPL (vs RUB 3 billion of MTPL online premiums a year ago).

According to the Deputy director of financial ratings agency ACRA Evgeniy SHARAPOV the banking sales channel is the main channel for distribution of insurance products in the following segments: life insurance, accidents and insurance of property of individuals due to dynamic development of investment life insurance and credit programs for individuals. At that direct sales prevail in segments of voluntary health insurance and insurance of property of legal entities, said SHARAPOV. He also added that sales via agents-individuals prevail in MTPL, but online sales in this class are growing rapidly and in 1st quarter this year amounted already to 25.6%, wrote the portal ASN.

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