STATISTICS: RUSSIA, 1H2018: Market growth speeds up to 13.3% y-o-y

Total GWP by the Russian insurers in 1H2018 amounted to RUB 731.78 billion (~EUR 10 billion; +13.28% y-o-y in local currency vs. 9.5% a year ago), according to the Central Bank of Russia.

On the other hand, total paid claims went down by 14% to RUB 235.78 billion (EUR 3.2 billion), which means a decrease in the insurance loss ratio that resulted in 32% (vs 42% a year ago).

Growth of the total number of insurance agreements in the market was rather moderate compared to GWP, amounting to 6.7%. Among the key classes, maximal growth of concluded agreements was recorded by life insurance (+24.5%), while the number of MTPL agreements dropped by 5.1% to 19 million units. Voluntary health insurance (VHI) had a positive trend- the total number of agreements went up by 5.9%.

Payment for intermediary services increased by 18.6% in the first half of the year. GWP generated through intermediaries went up by 11%. According to the Bank of Russia, the leading sales channel is banks, which account for almost half (47.5%) of total GWP, received through intermediaries. Sales via banks are the main distribution channel of insurance products in life insurance, accidents, diseases, and property of individuals. The share of individual agents amounted to 26.9% of total GWP received through intermediaries.

SOGAZ kept the leading positions in the market (GWP growth by 5.41%), the TOP-5 also includes SBERBANK Life insurance, VTB Insurance, AlfaStrakhovanie, and RESO-GARANTIA. The market trend of reducing the total number of insurers continued, 11% of insurers left the market in the first half year. This reduction trend is accompanied by a process of market concentration. The TOP-4 biggest insurers generated GWP 32% more y-o-y (vs 13% average market GWP growth) in the first 6 months. In general, 65% of insurers saw premium growth this year, but the TOP-25 continue to increase their market share, which reached 84% in 1H2018.

Access and download the 1H2018 Russian insurance market statistics (in EUR and RUB).

  • Gross written premiums
  • Paid claims
  • Growth rates
  • Market rankings on the following classes: Total market, life, voluntary non-life, MoD, MTPL, property, mandatory insurance

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