On October 24, S&P Global Ratings raised its issuer credit and financial strength ratings for the Russia-based INGOSSTRAKH Insurance Co. to 'BBB-' from 'BB+.' The outlook is stable.
Bank of Russia decided to increase requirements to international credit ratings of the foreign reinsurers, whose obligations under insurance contracts are accepted to cover insurance reserves, according to the press release of the Central Bank.
GWP of RNRC (Russian National Reinsurance Company) amounted to RUB 8.8 billion (+68% y-o-y) from January to September this year, as reported by the Financial director of the company, Olga KRYMOVA.
ERGO Group AG announced the sale of 100% of its life business in Russia to ROSGOSSTRAKH. The parties already signed an agreement and the deal is subject to approval by the regulatory authorities, as ERGO informed on its official website.
The President of RNRC (Russian National Reinsurance Company) Nikolay GALUSHIN announced on October 23 that the company held a competitive selection of an insurance broker to organize a retrocession program for 2019, at that an Indian company became the leader of the program, writes Finmarket.
On October 19, S&P Global Ratings assessed the industry and country risk in the Property/Casualty (P/C) insurance sector of Russia (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-2) as high, due to country risks outweighing industry risks.
ROSGOSSTRAKH, one of the largest Russian non-life insurers is set to buy the local life insurance unit of German reinsurer MUNICH Re - ERGO Life, in a move to re-enter the life insurance segment.
The rating agency S&P improved ROSGOSSTRAKH's long-term credit rating in local currency from B to B+, the forecast was also changed from positive to stable, stated ASN portal.
The State Duma Committee on Financial Market recommended a bill to cancel the prohibition on reinsurance of MTPL risks, as well as to include information about MTPL reinsurance contracts in the data transferred by insurers to the automated data system, reported ASN portal.
According to the first half year result, the average Motor Hull policy in Russia fell to the lowest cost in the past 6 years, meaning RUB 34,800, reported RBK.
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.