Inward reinsurance in 1Q2019 increased by 22% y-o-y (vs 24% a year ago), according to an official announcement from the national reinsurer.
Natalia KARPOVA, previous RNRC Deputy Chairman of the Board, was appointed as RNRC (Russian National Reinsurance Company) President, Chairman of the Board effective from July 1, 2019 based on the resolution of the Central Bank of Russia, as the company reported on its website.
Over the past 5 years (since 2014), the total number of insurers on the local market has decreased by 41.5%, and the number of branches by 27.6%, ASN reports based on a review of insurer activity, published by the Federal State Statistics Service.
According to the forecast of the largest Russian rating agency, Expert RA, GWP in e-insurance, excluding MTPL, will reach RUB 19-20 billion (~EUR 0.26-0.28 billion) by the end of 2019, the agency reports.
S&P Global Ratings raised its long-term issuer credit and financial strength ratings of SOGAZ to 'BBB', outlook stable, removing them from CreditWatch with developing implications, as the insurer informed on its website with reference to the agency's report.
According to the Russian Association of Motor Insurers, in May 2019 INGOSSTRAKH became the MTPL leader in terms of number of policies and GWP, while AlfaStrakhovanie held the leading positions for the period from January to May, ASN reports.
The total number of active agents for the leading 100 insurers increased by 12.9% y-o-y at the end of the first quarter of 2019, ASN reports, based on data from the Bank of Russia.
According to ExpertRA, Russia's largest credit rating agency, Bancassurance, despite impressive growth last year (+44.4%), may decline by 10-12% by the end of 2019, ASN reports with reference to the agency's research.
Insurer GWP amounted to RUB 378.6 billion (EUR 5.2 billion) in 1Q2019, almost the same level as a year ago. Meanwhile, total paid claims increased rapidly, by 27.6% to RUB 139.2 billion (EUR 1.9 billion), statistical data of the Bank of Russia show.
In the first quarter of this year, SOGAZ was way ahead of last year's leader SBERBANK Life insurance, collecting RUB 80.1 billion in GWP (GWP of SBERBANK Life insurance reached RUB 37.5 billion), ASN reported based on the data of the Bank of Russia.
For January-May 2019, the average cost of MTPL policy for individuals decreased by 4.1% y-o-y, as data from the Russian Association of Motor Insurers (RAMI) show.
The Russian National Reinsurance Company (RNRC) announced that Nikolay GALUSHIN, its President and Chairman will leave the position on July 1, 2019, "following the successful implementation of the launch and development of national reinsurer's activities, through the company's strategy".
According to Philipp GABUNIA, Director of the Insurance Market Department of the Bank of Russia, from January to March 2019, investment life insurance (ILI) GWP dropped by 26% y-o-y in an amount of RUB 46 billion, ASN reports.
For the first three months of this year, INGOSSTRAKH's net profit decreased by 20% to RUB 2.5 billion. Profit before tax for this period dropped by 18%, ASN reports in reference to the insurer's statement.
For the period from January to March 2019, the total number of complaints against insurers amounted to 12,200, which is 36% less y-o-y, according to the Bank of Russia.
The Analytical Credit Rating Agency (ACRA) affirmed (RU), outlook stable for the Russian National Reinsurance Company (RNRC), the reinsurer informed.
Net profit of ROSGOSSTRAKH for the first quarter, based on the Russian Accounting Standards, exceeded RUB 1.3 billion (~EUR 17.9 million), ASN reports.
From May 7, 2019, the All-Russian Insurance Association (ARIA) will start checking insurer compliance with new mandatory standards related to operations on the insurance market and protecting consumer rights in insurance services, ASN reports.
The rating agency Expert RA upgraded the national rating of ROSGOSSTRAKH to ruAA-, outlook stable. Previously the insurer had ruA rating, outlook positive, as reported by ASN.
The Congress was supported by the All-Russian Insurance Association (ARIA), and also by the Union of Insurance Experts and Adjusters (UIEA). INGOSSTRAKH was acting as the General Partner.