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.

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

Share |

Related articles


Supervisory Board Chair NN Group steps down

NN Group announces that Jan HOLSBOER, chair of the Supervisory Board of NN Group, has decided to step down as of the close of the annual general meeting (AGM) on 29 May 2019. The Supervisory Board has elected David COLE as Jan HOLSBOER's successor.


Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.



Inclusive Insurance - just a week to the second edition of IIF - CEE & SEE Regional Actuarial Insurance Conference in Skopje

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.


Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.


FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.


See all