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%.
The National Rating Agency (NRA) and the National Credit Ratings (NCR), on September 12, were included by the Central Bank into the register of Russian rating agencies, thereby increasing the total number of accredited rating agencies in the register from 2 to 4, ASN reports.
On August 4, 2019, the law on housing insurance for emergency situations came into force, according to which regional authorities can develop their own insurance programs, ASN reports. Under it, homeowners may get coverage not only for natural risks, but also for manmade or technological risks as fire, gas explosion etc.
On September 4 the Bank of Russia published a draft regulation on the minimum requirements for combined MTPL and Motor Hull insurance products, which allows the addition of Motor Hull clauses directly into the MTPL policy without making a separate contract, ASN reports.
National Association of Agricultural Insurers (NAAI) announced improvements in the Russian agricultural insurance business, for the first seven months of 2019. The total insured area was of 2.8 million hectares, 5 times the size of the same period of prior year.
From January-June, according to preliminary data, investment life insurance decreased by 32% y-o-y and now occupies 46% of the sector (vs 62% a year ago), its GWP amounted to RUB 92.3 billion, ASN reports.
From January to June 2019, ROSGOSSTRAKH's total net profit increased by 58.3% y-o-y, to RUB 3.8 billion (~EUR 52.91 million), ASN reports.
Giorgio CALLEGARI, Chairman and CEO of GENERALI Russia & CIS declared in an interview for Interfax that in forthcoming years the Italian insurer plans to develop its presence in Russia and other CIS markets.
Fitch Ratings improved the financial stability rating of VSK from BB- to BB, outlook stable, ASN reports.
Gennady GALPERIN was elected to the position of CEO by the Board of Directors of the company, effective July 20, 2019, ASN reported.
According to preliminary data, in 1H2019, MTPL GWP decreased by 4.7% y-o-y, while the total number of MTPL policies rose by 0.8%, reported Igor YURGENS, President of the Russian Association of Motor Insurers (RAMI).
For the first half of the year, accrued reinsurance premium of the Russian National Reinsurance Company (RNRC) amounted to RUB 7.59 billion (~EUR 0.1 billion), which is 21% more y-o-y, the reinsurer reports.
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.