Russia
RUSSIA: FITCH removed VSK from the Rating Watch Negative
The international rating agency FITCH removed the financial stability rating of VSK from the list of Rating Watch Negative (RWN), where it was placed in July 2018, as well as confirmed the company's rating at BB-, outlook negative, as reported by ASN.
25 January 2019RUSSIA: Ekaterina TROFIMOVA released from the position of the General Director of ACRA
On January 17, 2019 the ACRA Board of directors, based on the statement of Ekaterina TROFIMOVA, decided to release her from the position of the General Director of the agency, as ACRA announced.
25 January 2019RUSSIA: on January 1, 2019 new amendments, expanding powers of the Bank of Russia in regards to insurance companies, came into force
On January 1, 2019 new amendments to the Law on insurance activity came into force and they give the right to the Bank of Russia to impose a ban or restriction on certain transactions of insurance companies, as ASN wrote.
18 January 2019RUSSIA: according to Expert RA, life GWP in 2019 may decrease by 20% and non-life sector will keep stagnating
Expert RA believes that uncertainty on the life market is extremely high and its GWP in 2019 may drop to the level of 2017, according to the agency's preliminary forecast for 2019.
18 January 2019RUSSIA: Dmitry GRISHANKOV steps down from the presidency of Expert RA, the Russian rating services market's leader
Dmitry GRISHANKOV, who has been the president of Expert RA, left his post by agreement of the parties on December 30, 2018. However, he remains a shareholder and a member of the board of directors of the agency, as the rating agency reported.
18 January 2019RUSSIA: for January-November 2018 crop insurance increased by 3% y-o-y and livestock insurance went up by 16%
According to the National Association of Agriculture Insurers (NAAI), 1.13 million hectares of crops (3% more y-o-y) and 83.1 million of livestock (+16%) were insured in Russia from January to November 2018.
10 January 2019RUSSIA: rating of VSK confirmed at ruAA, stable outlook
The rating agency Expert RA removed the "under watch" status and confirmed the financial reliability rating of VSK at ru, outlook stable, as ASN wrote.
10 January 2019RUSSIA: INGOSSTRAKH's rating confirmed at ruAAA, stable outlook
The national rating agency Expert RA confirmed the financial rating of INGOSSTRAKH at ruAAA, stable outlook. According to the Bank of Russia, in terms of GWP for 9 months of 2018 the insurer ranked 6th in the market.
10 January 2019RUSSIA: claims paid for MTPL contracts dropped by 23% y-o-y, in January-November 2018
For January-November 2018 MTPL average paid claim amounted to RUB 66,625 (13% less y-o-y). At that MTPL average premium for the same period decreased from RUB 5,809 to RUB 5,703, as the Russian Association of Motor Insurers (RAMI) informed.
10 January 2019Russian state reinsurer signs brokerage deal with Aon Plc subsidiary
2 January 2019Fitch affirms Russian National Reinsurance Company's IFS at 'BBB-'; Positive Outlook
Fitch Ratings has affirmed Russian National Reinsurance Company's (RNRC) Insurer Financial Strength (IFS) rating at 'BBB-' with a Positive Outlook.
20 December 2018S&P: Russia-Based Insurers SOGAZ And VTB Insurance 'BBB-' Ratings Placed On CreditWatch Developing As Merger Progresses
S&P Global Ratings today placed its 'BBB-' long-term issuer credit and financial strength ratings on Russia-based insurers OJSC SOGAZ and VTB Insurance on CreditWatch with developing implications.
19 December 2018RNRC, Russian state reinsurer signs brokerage deal with Aon Plc subsidiary
The Russian National Reinsurance Company (RNRC) has signed a one-year agreement with a local unit of London-based insurance broker Aon Plc that will allow RNRC to reinsure risks for up to RUB 10 billion (EUR 149 million), Reuters reports.
19 December 2018RUSSIA: insurers with foreign participation in the ownership provided for 19% of the total market GWP in 3Q
According to the Bank of Russia data, for 9 months this year insurers with foreign participation generated GWP in the amount of RUB 206.4 billion, which is almost equal to 19% of the total market premiums for the period.
19 December 2018STATISTICS: RUSSIA, 3Q2018: the growth of the market driver, life insurance, was over 40%
For 9 months this year Russian insurers generated GWP in the amount of RUB 1.093 trillion (+13.65% y-o-y). In European currency, due to significant depreciation of the local currency against euro, the market growth looks much more moderate - only 2.05%, according the Bank of Russia data.
19 December 2018RUSSIA: GWP growth on the property insurance line slowed down in the third quarter
According to the statistical data published by the Bank of Russia, GWP of property insurance for 3Q this year amounted to RUB 273.8 billion (+2.3% y-o-y), while paid claims reached RUB 107.3 billion (+1.5%). The share of paid claims in premiums remained the same as a year ago (39.2%).
13 December 2018Russia's insurance market grows 13.7% in January-September
9 December 2018RUSSIA: MTPL combined loss ratio as of the end of the 3rd quarter dropped by more than 40%
Based on the report on financial stability for the 2nd and 3rd quarters, prepared by the Bank of Russia, MTPL combined ratio dropped to 79.2% (vs 119.9% a year ago).
5 December 2018RUSSIA: Bank of Russia approved the expansion of MTPL tariff corridor
The Regulation providing for the expansion of the base MTPL tariffs by 20% up and down was approved by the Bank of Russia, ASN reported. The new tariff corridor will be within RUB 2,746 - 4,942 (instead of the existing RUB 3,432 - 4,118).
5 December 2018RUSSIA: for 9 months return on equity on TOP-5 insurers amounted to 40.6%
According to the financial results as of the end of the 3rd quarter, the return on equity of TOP-5 Russian insurers amounted to 40.6%, the report on financial stability prepared by the Bank of Russia shows.
5 December 2018
