RUSSIA: insurers with foreign participation in the ownership provided for 19% of the total market GWP in 3Q

According to the Bank of Russia data, for 9 months this year insurers with foreign participation generated GWP in the amount of RUB 206.4 billion, which is almost equal to 19% of the total market premiums for the period.

As the data of the regulator show, total number of insurers with foreign participation dropped during the last 10 years (from 2018) by 36% due to sales or liquidation of subsidiaries. Since 2010 the market also is undergoing a trend for reduction of foreign participation in charter capital of insurers (from 22.42% in 2010 to 11.29% in 2017).

According to the statistical data, for the period from January to September this year the biggest contribution in GWP, generated by insurers with foreign participation, was made by groups: RESO Garantia and INGOSSTRAKH - over 6% of the total market GWP. To compare - for the whole 2017 year insurers with foreign participation generated RUB 247.7 billion of premiums (19.4% of the total market GWP in 2017), as wrote.

*EUR 1 = RUB 76.2294 (30.09.2018)

EUR 1 = RUB 68.8668 (31.12.2018)

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