SBERBANK Insurance renewed obligatory reinsurance protection of property risks accepted for insurance, for a capacity of RUB 5 billion (~EUR 73.48 million*), ASN reports.
On January 1, 2020, a new procedure for financing the State program for agricultural development entered into force. The procedure provides targeted subsidies for regions to support agroinsurance, considering insurance practices of each region, as the National Association of Agriculture Insurers (NAAI) informed.
In 3Q2019, Russian insurance market GWP reached RUB 1100.0 billion (EUR 15.66 billion), thus remaining almost at the level of 3Q2018. The market in euro grew by 9.15% thanks to a more favorable rate, than a year ago. Paid claims reached RUB 433.5 billion (EUR 6.16 billion), as the data of the Central Bank, show.
By 2021, the Russian insurance market won't be able to reach the goal set by the All-Russian Insurance Association (ARIA) of RUB 2 trillion (~EUR 28.8 billion), part of its development strategy, as the national rating agencies Expert RA and NCR (National Credit Ratings) consider.
On December 17, the Ministry of Agriculture announced the planned volume of agroinsurance subsidies in Russia for 2020, which could be increased to RUB 4.2 billion (~EUR 60 million) vs. the initially planned RUB 2.2. billion (~EUR 31.5 million), ASN reports.
As the data of the Bank of Russia show, from January to September 2019, MTPL GWP amounted to RUB 154 billion (~EUR 2.18 billion), which is 6.7% less y-o-y. Paid claims exceeded RUB 103.1 billion (~EUR 1.46 billion), ASN reports.
According to the market results for 9 months of 2019, the total number of agents of ROSGOSSTRAKH company grew by almost 41% y-o-y, which allowed the company to regain its first place on the market in terms of total number of individual agents, ASN reports.
According to the Bank of Russia, from January to September 2019, the total number of criminal cases in the insurance industry amounted to 1900, said Ekaterina ABASHIEVA, deputy director, Bank of Russia, insurance market department.
S&P Global Ratings assessed industry and country risk in the Russian property/casualty (P/C) insurance sector as high (foreign currency BBB-/ Stable/ A-3 ; local currency BBB/ Stable/ A-2), as the agency stated in its report.
According to INGOSSTRAKH, the insurer's net profit from January to September 2019 decreased by 31% y-o-y in local currency, to RUB 4.47 billion / ~EUR 63.2 million, ASN reports based on the company's information.
According to the preliminary data, GWP of universal life insurance from January to September 2019 amounted to RUB 74.6 billion / ~EUR 1.05 billion (+54% y-o-y in local currency), which makes this segment a new growth driver on the Russian life market, ASN reports.
The rating agency Expert RA improved the national rating of RENAISSANCE LIFE to ruA+, outlook stable, ASN reports.
The second international summit of state reinsurers, organized by the Russian National Reinsurance Company (RNRC) with the support of the Bank of Russia, was held on October 3 and 4 in Saint Petersburg, as RNRC announced on its website
For the first 9 months of 2019, agricultural insurance market volume saw a significant growth by 2.5-fold while the insured area increased by more than 5.3-fold, according to the National Association of Agriculture Insurers (NAAI).
From January to September 2019, the paid claims for life and health in MTPL events amounted to 5% of all the segment's paid claims, ASN reports.
At a meeting of the All-Russian Insurance Association (ARIA) on October 7, it was decided to re-elect Igor YURGENS as the President of ARIA for three years term. YURGENS was approved as a candidate by the Central Bank of Russia in August, ASN reports.
According to RAMI (Russian Association of Motor Insurers), from October 1 possibility to receive reimbursement within full MTPL insurance amount for the risk of damage to property will be available throughout the whole country. Before this possibility was given only to four territories.
ROSGOSSTRAKH Life launched sales of a new product that combines elements of investment and universal life insurance, ASN reports.
VTB Life Insurance will transfer its voluntary life insurance and personal insurance contracts to SOGAZ-Life in 2019, ASN reports, with reference to the information published on September 20 by the Bank of Russia.
For the 1H2019, GWP of Russian insurers reached about RUB 739.3 billion (~EUR 10.3 billion), thus exceeding the 1H2018 level by only 1%.