The All-Russian Insurance Association (ARIA) developed a number of measures to support operation of the insurance market during the pandemic. ARIA submitted its proposals to the regulator, as well as the Chairman of the Russian government, ASN reports.
Market GWP at the end of 2019 remained almost unchanged y-o-y in local currency, amounting to RUB 1.48 trillion (~EUR 21.3 billion). At the same time, market paid claims increased by almost 17% (in local currency), to RUB 610 billion (~EUR 8.8 billion), as the data published by the Central Bank show.
In 2019, the amount of accrued premiums of the Russian National Reinsurance Company (RNRC) amounted to RUB 14.1 billion (EUR 0.2 billion), which is 16% more y-o-y, while the volume of earned premiums increased by 20%, to RUB 13.3 billion, the reinsurer informed on its website.
Last year, agroinsurance premiums reached RUB 5.6 billion (~EUR 80.72 million). According to Korney BIJDOV, President, National Association of Agricultural Insurers (NAAI), "agroinsurance turned out to be one of the fastest growing segments of the insurance market in Russia, showing a 51% y-o-y increase", ASN reports.
According to preliminary 2019 data, RESO-Garantia, which is included in TOP-10 market insurers, increased its GWP by 7.1% y-o-y, to RUB 98 billion (~EUR 1.41 billion). And growth rate of its paid claims reached 8% (RUB 48.8 billion/EUR 0.7 billion), ASN news agency reports.
According to the insurer, GWP of ROSGOSSTRAKH in 2019 increased by 16% (over RUB 80 billion/~EUR 1.15 billion), and net profit - by 32.2%, to RUB 7.3 billion. Paid claims amounted to RUB 35.1 billion, and the company's equity reached RUB 52.3 billion, ASN news agency reports.
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
Total number of complaints about insurers decreased by 34% in 2019, according to the Bank of Russia. This indicator was the best performing among non-credit financial institutions, the regulator noted.
In 2019, life insurance decreased by 9% y-o-y and amounted to RUB 433.2 billion (~EUR 6.24 billion), as the preliminary market data show. At the same time, life paid claims increased by 87%, to RUB 140.7 billion, according to Igor YURGENS, President of the All-Russian Insurance Association (ARIA).
Experts predict a 5% decrease of MTPL GWP in 2020 due to the new regulation and stagnation of the motor insurance market, one of the latest Deloitte study over Russia mentions.
The Ministry of Finance and the Central Bank developed and submitted to the government a document providing the sale conditions of SBERBANK shares, owned by the Bank of Russia, which will help to avoid a conflict of interests due to combining the roles of the regulator, shareholder and supervisor, the ministry said.
The Russian financial ombudsman service was included into the International Network of Financial Services Ombudsman Schemes. This decision was made at the meeting of the Organization's Committee, as ASN reports with reference to the Chief Financial Ombudsman, Yuri VORONIN.
According to the Russian National Reinsurance Company (RNRC), its GWP amounted to RUB 14 billion (~EUR 0.2 billion) in 2019, while its profit exceeded RUB 3 billion (EUR 43.24 million), as Natalia KARPOVA, President, Chairman of the Board of RNRC, announced.
In 2019 almost 90% of car owners (33.8 million people) got MTPL discounts (bonus-malus coefficient less than 1) and 48% of all car owners (18.3 million people) had discounts of 20% or more, according to Igor YURGENS, the president of the Russian Association of Motor Insurers (RAMI).
Victor DUBROVIN has been appointed the vice-president of the All Russian Insurance Association (ARIA). He will, among other things, develop life insurance and digitalization of the insurance market, ASN reports.
General Insurance Corporation (GIC Re), the state reinsurer of India, announced they will expand their business in Russia.
As the preliminary data of the National Association of Agriculture Insurers (NAAI) show, the agroinsurance market at the end of 2019 amounted to RUB 5.3 billion (~EUR 76.4 million), as ASN reports.
At the end of 2019, Russian MTPL GWP decreased by 3.4% y-o-y to RUB 220.2 billion (~EUR 3.17 billion), while paid claims, on the contrary, grew by 5.6%, to RUB 150.1 billion (~EUR 2.16 billion), as preliminary data of the Russian Association of Motor Insurers (RAMI) show, ASN reports.
The leader of the Russian insurance market in terms of GWP and paid claims, SOGAZ group, increased its charter capital to RUB 30 billion (~EUR 0.43 billion). The changes of the insurer's charter were registered on December 31, 2019, ASN reports.
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.