Russia: Property insurance agreements went up by 30%

According to the All-Russian Insurance Association (ARIA), based on the data from top 5 insurers interviewed by Izvestia, in 2017 the property insurance segment reports a positive trend.

Thus, at the beginning of the current year, the number of agreements concluded on the property insurance segment increased by 30% and totaled approximately RUB 20 million, while the average tariff of an insurance policy decreased. In the reporting period, was observed the significant growth of the share of sales of this type of insurance with the intermediaries' participation.

"Russians are moving actively in insuring their property, despite the fact that it has become common to pay more attention for additional charges. The average nominal income has increased, but the real income of the population in the first nine months of 2017 decreased by 1.2% compared to the same period in the past", explained officials from ARIA.

According to ARIA, the average payment and the number of refusals in compensation have increased. The main reason is the latest cases of large-scale fires reported in the shopping center Sindika in the south-west of Moscow, in the market in Rostov-on-Don and in private houses. According to preliminary data, the incident in the shopping center was caused in order to obtain insurance benefits, the case being similar to the incidents reported in 2011 and 2014, when the warehouse was also set on fire in order to receive insurance payments.

In terms of GWP, SOGAZ is the leader on the property insurance segment, with a 22% market share. The insurer's GWP increased by 2.4% to RUB 40 billion. Coming up next is INGOSSTRAKH, with a 12% market share and RUB 20.7 billion premiums (up by 5.7%). The GWP of ROSGOSSTRAKH, which has an approximate 12% market share, decreased by 15%.

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