Russia
RUSSIA: Bank of Russia to appeal to court to liquidate a number of former insurance organizations with revoked licenses
Several organizations completely devoid of all insurance licenses have not removed from their names such words as insurance, reinsurance, mutual insurance, insurance broker, as well as their derivatives, which has been established by the Bank of Russia based on the results of conducted monitoring, as the regulator's press service informed.
28 October 2020RUSSIA: SBERBANK Insurance became a laureate of the XI annual award "Consumer Rights and Quality of Service"
SBERBANK Insurance became a laureate of the XI annual award "Consumer rights and quality of service" as it has been nominated in the category "For the high quality of services provided in property insurance", the insurer said in its press release.
22 October 2020RUSSIA: SBERBANK life insurance: every 5th consumer borrower insures against job loss
Since the beginning of 2020, about 2.5 million of Sberbank's customers have applied for Sberbank life insurance program when concluding a consumer lending agreement, and 20% of them included insurance against involuntary job loss as an additional option, the insurer informed in its press release.
20 October 2020RUSSIA: SBERBANK Insurance is celebrating six years of successful work on the market
In October, six years have passed since SBERBANK Insurance received a license to perform insurance activities. During this time, the company has demonstrated dynamic development and has become a leader in insurance of property of individuals, the insurer said in its press release.
16 October 2020RUSSIA: Expert RA: by the end of 2020, the market will drop by 4-5% y-o-y
The insurance market will continue to be under pressure of the economic downturn caused by COVID-19, and the market volume by the end of 2020 will reach approximately RUB 1.42 trillion (~EUR 15.65 billion*), having lost 4-5% of GWP, according to the study of the Russian leading rating agency Expert RA.
16 October 2020RUSSIA: Igor KOBZAR appointed CEO of SBERBANK Life insurance
Igor KOBZAR was appointed CEO of SBERBANK Life insurance, subjected to receiving an appropriate approval from the Central Bank of Russia, the insurer's press service said.
8 October 2020RUSSIA: ratings of ROSGOSSTRAKH upgraded to BB with stable outlook
S&P Global Ratings has upgraded the financial strength rating and the issuer's credit rating of ROSGOSSTRAKH to BB with stable outlook. Earlier the rating was BB-, as the oldest insurer in Russia informed.
8 October 2020RUSSIA: The amount of insured property interests of farmers is only 7.4% of damage from natural disasters
According to the estimation of Russian constituent entities, the damage to agricultural producers from natural disasters at the moment is about RUB 7.5 billion (EUR 80.62 million*), of which the amount of insured property interests is only RUB 555 million, the Minister of Agriculture Dmitry PATRUSHEV said on September 30.
1 October 2020RUSSIA: products of SBERBANK Insurance and SBERBANK Life insurance combined under a single brand SberStrakhovanie
The products of SBERBANK Insurance and SBERBANK Life insurance have been combined to operate under SberStrakhovanie brand.
29 September 2020RUSSIA: Yulia GAVRILINA has been appointed Reinsurance Director of SBERBANK Insurance
Yulia GAVRILINA has been appointed as Reinsurance Director of SBERBANK Insurance, as the company announced on September 21, 2020.
22 September 2020RUSSIA: RSHB-Life insurance has been assigned the national credit rating at ruAA
The national rating agency Expert RA, based on the assessment of the financial condition of RSHB-Life insurance, assigned the company a credit rating at ruAA level with stable outlook, the insurer informed in its press-release.
21 September 2020STATISTICS: RUSSIA, 1H2020: Generated GWP remained almost unchanged y-o-y in local currency
In the second quarter, the decline in economic activity due to the pandemic led to a decrease both in GWP and paid claims, mainly because of reduction of insured events. In general, at the end of 1H2020, total market GWP amounted to RUB 739 billion (~EUR 9.39 billion*) , and remained almost at the level of 1H2019 (-0.03%), according to the data, published by the Central Bank of Russia.
17 September 2020RUSSIA: At the end of 1H2020, the share of risks, ceded to international reinsurance, increased for the first time since 2017
In 1H2020, GWP ceded in reinsurance abroad reached RUB 65.8 billion/EUR 0.83 billion*, which is 23% more y-o-y (in RUB), as ASN reports with reference to the Association of professional insurance brokers (APIB).
17 September 2020RUSSIA: 89% of insurers made profit by the end of June
At the end of the second quarter of 2020, the profit of the insurance sector has grown, and return on equity has become the highest over the past three and half years (33.7%), according to the report of the Bank of Russia.
10 September 2020RUSSIA: New regulation on MTPL came into force, allowing to reduce tariffs for careful car owners
On September 5, 2020, a new regulation of the Bank of Russia came into force, defining the procedure for applying new MTPL tariffs and allowing insurers to apply tariff factors that characterize likelihood of an insured event, The Russian Association of Motor Insurers (RAMI) informed.
8 September 2020RUSSIA: SBERBANK Insurance took the first place in the category "Technological implementation/solution of an insurance company"
SBERBANK Insurance took the first place in the category "Technological implementation/solution of an insurance company" of the annual award in the field of innovations and achievements of the financial industry FINAWARD'19.
1 September 2020RUSSIA: The 7th Annual Insurance Business Forum "Challenges of the year 2020" to be held on October 19-22, 2020
The 7th Annual Insurance Business Forum "Challenges of the year 2020" will be held on October 19-22, 2020. The main objective of the event is to provide an opportunity for specialized specialists to get up-to-date information, jointly discuss the most important issues of the industry, exchange ideas and practical experience.
31 August 2020RUSSIA: GWP of ROSGOSSTRAKH Life in 1H2020 increased by 2.5 times y-o-y
For the first half of 2020, total GWP of ROSGOSSTRAKH Life exceeded RUB 9.5 billion (~EUR 120.3 million*) and the insurer's market share grew by 4.9%, allowing the company to rank 6th (vs. 12th position a year ago) in the local market ranking, as the insurer mentions in its press release.
19 August 2020RUSSIA: AM Best affirms ratings of INGOSSTRAKH
AM Best has affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of 'bbb' of INGOSSTRAKH company, outlook stable, according the information published by the rating agency.
11 August 2020RUSSIA: the number of complaints against insurance companies decreased by 35% y-o-y in the first half of 2020
In 1H2020, the Bank of Russia received only 15 thousand complaints against insurance companies, which is 34.7% less y-o-y. At the same time, the number of MTPL complaints amounted to 12 thousand of the total (-35.2%), the Bank said on its website.
11 August 2020
