According to the Head of VTB, Andrey KOSTIN, the merger of insurance businesses VTB and SOGAZ may be completed in October this year. As KOSTIN said, the parties already agreed on all issues in the merger.
Total GWP by the Russian insurers in 1H2018 amounted to RUB 731.78 billion (~EUR 10 billion; +13.28% y-o-y in local currency vs. 9.5% a year ago), according to the Central Bank of Russia.
Total GWP for the first half year amounted to RUB 731.78 billion (~EUR 10 billion; +13.28% y-o-y in local currency), according to the Central Bank of Russia. Total paid claims went down by 14% to RUB 235.78 billion (EUR 3.2 billion).
Victor DUBROVIN was appointed as the acting general director of SBERBANK Life insurance. Alexey RUDENKO, previous general director, left the position due to transfer to another job, stated the insurer's press service.
The agro insurance segment based on the Central Bank dropped by 36% to RUB 1.66 billion in the 1H 2018. The biggest contribution to the segment was made by agro insurance without state support (+2.8% to RUB 904.3 million), according to the National Association of Agriculture Insurers (NAAI).
Under the new law on household insurance, insurers are ready to create a new platform to launch a federal information resource on household insurance, according to the head of the Information Systems Department of the Russian Association of Motor Insurers, Alexey SAMOSHIN.
For the first half year 2018, Motor Hull GWP amounted to RUB 80.1 billion (+3.1% y-o-y). According to the Central Bank, Motor Hull premiums saw growth for the first time in the last 3 years (in 2016, for example, premiums decreased by 9%, in 2017 - 4.8%).
The National rating agency RAEX improved rating of YUGORIA to ruA- with positive forecast. Before the insurer's rating level was ruBB+ with stable forecast, as ASN announced.
The National rating agency RAEX confirmed the rating of RSHB-Insurance at ruAA with a stable forecast, wrote ASN portal. RSHB-Insurance is an all-lines insurer, a subsidiary of ROSSELKHOZ Bank, as well as the leader of agro insurance with a market share of 48.6% of all the class' GWP in the country, based on the 1H result.
On September 3 this year, RGS Life changed its name to KAPITAL Life Insurance. This change will not have any consequences for clients. KAPITAL Life Insurance exercises its rights and retains its obligations under previously concluded contracts in full without restrictions, wrote ASN portal.
RUSSIA: VTB plans to close deal on selling its insurance business to Sogaz by end of year
The draft of a single automated system for home property insurance "Housing Property" is prepared, ARIA will be the system operator. The law, within which this project was developed, was signed on August 3, 2018.
In August 2018, SBERBANK Life Insurance paid RUB 411 million* to its clients for 4,054 events. The biggest claim paid amounted to RUB 5.5 million, as confirmed by the insurer's press office.
The home insurance penetration degree in Russia is quite low. According to the Director for retail insurance of INGOSSTRAKH Vitaliy KNYAGINICHEV - as of today, the total amount of insured housing property is 5-7%.
For the first 7 months of 2018 MTPL premiums of local insurers decreased by 1% to RUB 129.9 billion* y-o-y, at that paid claims demonstrated a more rapid declining trend (- 29%) to RUB 79.7 billion, according to the data from the Russian Association of Motor Insurers (RAMI).
Preliminary data of the National Association of Agriculture Insurers (NAAI) for the first half of 2018 show that total number of livestock insurance contracts with state support increased from 97 to 143 (livestock enterprises), which according to Korney BIJDOV means growth ofby 47%.
The GWP of credit health insurance in the first half of 2018 amounted to RUB 42 billion (~EUR 0.57 billion), which accounts for 19% of all life insurance premiums. Of that amount, about RUB 10 billion (~EUR 0.14 billion) were generated by accident and illness insurance, reported ASN portal.
The Federal Tax Service (FTS) of Russia, will soon have the right to freeze the accounts of entrepreneurs who fail to submit tax calculations on insurance premiums. The new law comes into force on August 30, as stated by FTS.
The Central Bank of Russia has appointed the first financial ombudsman for pre-trial settlement of financial disputes - Ilya VORONIN, the advisor to the Head of the Central Bank Elvira NABIULLINA, said the First Deputy Chairman of the Central Bank Sergey SHVETSOV.