In April and May 2020, market GWP decreased by almost 15% y-o-y. However, this contraction was not catastrophic for the market, as the Expert RA rating agency noted in its press release.
In 1Q2020, the Russian insurance market growth was the highest over the past five quarters, after stagnation at the end of 2019, the Central Bank of Russia reports. The market GWP increased 12.6% year-on-year, its total volume reaching RUB 426.3 billion (~EUR 5.0 billion*), according to the data published by the regulator.
In June 2020, total amount of insurance claims paid by SBERBANK Life insurance exceeded RUB 880 million (*EUR 11.14 million), which is 53% more than in June 2019. At the same time, the number of claims paid increased by 30% y-o-y, the insurer said in its press release.
At the end of 2019, returns on investments under accumulative life insurance contracts of SBERBANK Life insurance amounted to 8.15% for policies denominated in rubles and 3.62% for policies denominated in dollars, the insurer said in its press release.
Aleksander GOGLENKOV was appointed Deputy General Director - Executive director of SBERBANK Insurance, the insurer announced on June 25 in its press release.
For the first three months of 2020, insurers' ROE was 33.2% (vs 31.4% a year ago), quite high according to the Central Bank of Russia, as mentioned in the report
on the key performance indicators of the insurers' activity.
In April-May 2020, SBERBANK Life insurance, a subsidiary of Sberbank, made 14 thousand payments for insured events, including around 600 payments to clients due to job loss and about 100 payments due to pulmonary diseases, including COVID-19, the press service of the insurer reports.
In 1Q2020, RESO-Garantia's GWP reached RUB 25 billion (~EUR 0.3 billion), which is 17.9% more y-o-y, according to the preliminary data released by the company. At the same time, the insurer's net profit amounted to RUB 14.7 billion, ASN reports based on the company's press service.
For the first quarter of 2020, the loss after tax of INGOSSTRAKH amounted to RUB 442.3 million (~EUR 5.1 million) due to revaluation of securities in the company's portfolio, ASN reports with reference to the insurer's report on the financial results.
The Russian latest stealth drone Okhotnik (Hunter), developed by the Sukhoi Aircraft Company, will be insured for almost RUB 1.3 billion (more than USD 18 million), as TASS agency informed according to the government's web portal.
From January to March 2020, the GWP of ROSGOSSTRAKH Life amounted to RUB 5.2 billion (~EUR 60.65 million), which is 354% more y-o-y, according to the insurer's press service.
In the first quarter of 2020, according to the preliminary data reported by the company, the GWP of SBERBANK Insurance amounted to RUB 5.3 billion (~EUR 61.81 million), which reflects an increase of 33% y-o-y.
For the first quarter, GWP of KAPITAL Life (among TOP-5 life insurers) increased by 14% y-o-y, exceeding RUB 5.3 billion (~EUR 61.82 million). Besides, based on the quarterly results, the company maintained leadership in terms of the number of effective accumulative life insurance contracts, ASN reports based to the data of the All-Russian Insurance Association (ARIA).
Based on the results for 2019, RESO-Garantia will pay dividends to its shareholders in the amount of RUB 4.9 billion (~EUR 70.7 million), which is about half of the group's net profit (RUB 9.8 billion) recorded last year, ASN reports citing the press-service of the insurer.
In April this year, the number of appeals to the financial ombudsman dropped by almost 28% compared with the results of March, which is primarily due to a decrease in activity under restrictive quarantine measures, the press service of the financial ombudsman reports.
A drier than average winter and the higher spring temperatures have made Siberia more severely affected by forest fires than in previous years. In total, on April 28, 2020, there were 3,339 outbreaks recorded compared to only 1,960 last year. The area covered by fires since the beginning of the year is 477,000 hectares (vs. 382,000 hectares last year), Siberia Times reports.
In 1Q2020, GWP of ROSGOSSTRAKH increased by 27.6% y-o-y and exceeded RUB 22.3 billion (~EUR 0.26 billion), ASN reports.
In 1Q2020, GWP under agricultural insurance contracts with state support reached RUB 425 million (~ EUR 5 million). Almost 67% of premiums were collected under livestock insurance and the rest under crop insurance, ASN reports citing the press-service of the National Association of Agriculture Insurers (NAAI).
Most Russians are more or less concerned about the pandemic situation, but most of them do not take any measures to reduce this fear, ROSGOSSTRAKH Life said in its press release, dedicated to the rating of concern among the country's regions.
S&P Global Ratings believes that despite the economic and financial fallout from the pandemic and decreased oil prices, Russian insurers will remain resilient to the consequences, the agency said in its press-release.