Russia
RUSSIA: the number of complaints against insurers to the Central Bank increased by 20%, while the number of insurance complaints to the Financial Ombudsman decreased by 17%
For 9 months of 2021, the number of complaints against insurers received by the Central Bank amounted to 28 thousand, which is 20.4% more y-o-y, ASN wrote with reference to the data of the Bank of Russia.
16 November 2021RUSSIA: after three quarters of the year, life insurance continues to grow - by almost 25% y-o-y
The life insurance GWP from January to September 2021 continued to grow, having increased by 24.9% y-o-y, to RUB 399.7 billion (EUR 4.74 billion*), ASN informed with reference to the All-Russian Insurance Association (ARIA).
16 November 2021Renaissance Life and InDeFi SmartBank to unveil game-changing product to solve one of the problems facing the crypto industry
Russian Renaissance Life has signed a cooperation agreement with the founder of the decentralized financial project Independent Decentralized Finance SmartBank & Ecosystem, with the aim of providing for a solution to access problems users of the cryptocurrency often have.
12 November 2021RUSSIA: from January to September, GWP of SBERBANK Insurance increased by 30%, and paid claims - by more than 34% y-o-y
GWP of SBERBANK Insurance for three quarters of 2021 exceeded RUB 20 billion (~EUR 0.24 billion*), which is 30% more y-o-y. At the same time, the company's net profit amounted to RUB 5.5 billion, ASN reports.
10 November 2021RUSSIA: ROSGOSSTRAKH saw the most impressive growth among TOP-3 MTPL leaders for 9 months of 2021
ROSGOSSTRAKH's GWP in MTPL from January to September 2021 grew by 20.5% to RUB 23 billion (EUR 0.27 billion*), while the growth rate of the segment's leader - RESO-Garantia was only 6% (to RUB 29.3 billion).
1 November 2021RUSSIA: S&P improved ratings of INGOSSTRAKH
S&P Global Ratings improved the long-term financial strength rating and the credit rating of INGOSSTRAKH to BBB from the previous rating at BBB- with a stable outlook on the ratings, ASN reports.
1 November 2021A first for Russia: Renaissance Insurance teams up with Mains Lab to incorporate AI technologies motor insurance claims calculations
After conducting large-scale and detailed testing, carried out on hundreds of cases, Renaissance Insurance decided to begin using an AI service provided by Mains Lab to calculate damages in its commercial operations, the company announced.
28 October 2021RUSSIA: Net profit of Renaissance insurance group for 9 months exceeded RUB 7 billion
Net profit of the Renaissance insurance group for 9 months of 2021 increased by 3.4 times y-o-y, exceeding RUB 7 billion (~EUR 83 million*), ASN reports referring the insurer's statement (under the OSBU).
22 October 2021RUSSIA: S&P improves the long-term ratings of ROSGOSSTRAKH
S&P Global Ratings has improved the financial strength rating and the credit rating of ROSGOSSTRAKH to BB +, with a stable outlook on the ratings. Since October 2020, the oldest insurer in Russia (the company celebrates its 100th anniversary in 2021) has had BB ratings. In April 2021, the agency improved its rating outlook to positive, the insurer said in a press release.
22 October 2021Armen MKHITARYAN appointed Director of Partnership Sales Development at SberStrakhovanie Life
Armen MKHITARYAN has been appointed Director for Partnership Sales Development at SberStrakhovanie Life. Armen's main tasks are building and developing partner sales and coordinating marketing activities.
21 October 2021RUSSIA: the share of electronic insurance contracts decreased from 40% to 10%
During the lockdown in the first half of 2020, about 40% of insurance contracts were concluded online. However, the fear of fraud and losses again led to a decrease in the share of electronic contracts below 10%, said Vladimir CHISTYUKHIN, Deputy Chairman of the Bank of Russia, in an interview with ASN.
20 October 2021RUSSIA: SberInsurance received a rating from S&P
The international rating agency S&P has assigned SberInsurance, one of the leaders of the Russian market, a financial strength rating at BBB- with a stable outlook. The agency expects that in the future the company's capital will reach a level corresponding to the rating of BBB, the insurer said in its press-release.
11 October 2021RUSSIA: sales of electronic MTPL policies from SBERBANK Insurance have started
On October 1, SBERBANK Insurance launched sales of own e-MTPL policies, ASN reports. The company appeared in the list of MTPL insurers.
5 October 2021AM Best Affirms Credit Ratings of GIC Perestrakhovanie LLC
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of GIC Perestrakhovanie LLC (Russia) (GIC Re Russia). The outlook of these Credit Ratings (ratings) is stable, the agency announced.
21 September 2021STATISTICS: RUSSIA, 1H2021: GWP grew by 21%, however, insurers' profit dropped y-o-y
The insurance market in 2Q exceeded the result of the same period last year as well as pre-covid levels. Total GWP for the first half of 2021 amounted to RUB 894.2 billion rubles (+21% y-o-y)/EUR 10.37 billion, according to the data published by the Bank of Russia. Market paid claims increased to RUB 384.5 billion (+29.6%).
20 September 2021RUSSIA: KPMG: the average annual growth rate of the insurance market by 2024 will exceed 11%
KPMG prepared a report forecasting development of the insurance market in Russia in 2021-2024, based on an analysis of historical indicators, current market trends, regulation, drivers of insurance product development and general expectations of industry experts.
15 September 2021RUSSIA: SberStrakhovanie Life celebrates 9 years on the market
On September 7, 2021, SberStrakhovanie Life celebrated 9 years on the market. During this time, 26 million clients have used the company's insurance programs and concluded almost 55 million contracts, according to the insurer's press-release.
15 September 2021RUSSIA: in 2Q paid claims and loss ratio of motor insurance increased
In 2Q, paid claims in Motor Hull and MTPL saw growth faster than premiums, which led to an increase in the combined loss ratio of motor insurance. At the same time, both segments remain profitable, ASN reports based on a survey of key performance indicators of insurers, prepared by the Bank of Russia.
8 September 2021RUSSIA: total assets, equity capital and total insurance reserves of insurers increased in 1H
For the period from June 30, 2020 to June 30, 2021, total assets of Russian insurers increased by 13.7% and amounted to RUB 4.1 trillion (EUR 47.39 billion*), ASN reports with reference to the data of the Bank of Russia. At the same time, return on insurers' assets decreased to 5.6% from 8.1% a year earlier.
8 September 2021RUSSIA: average MTPL paid claim amount decreased by 1.5% in 2Q
The average amount of MTPL paid claims in the second quarter of 2021 decreased by 1.5% compared to the same period in 2020, ASN wrote with reference to the data of the Bank of Russia.
31 August 2021
