Life insurance in Russia decreased by 21.4% in Q3/2008
Russian insurance companies have wrote EUR 20.2 billion in premiums in the first nine months of the 2008, an increase by 23.3% compared to the similar period of 2007. At the same time, claims rose by 27.6% to EUR 12.4 billion, according to Federal Service for Insurance Supervision (FSIS).
In the reporting period, compulsory medical insurance has the most important share in total written premiums (39,2%), posting a 36% increase compared to 2007, followed by voluntary property insurance (34.7%), and personal (12,1%). Compulsory MTPL insurance accounted for 8.4% and liability business 2.5%, while life insurance segment represented only 2%, which accounts EUR 402.2 million, down by 21.4% in comparison to 2007. Resuming, non-life insurance represented 98% of the total volume of the Russian insurance market.
In January-September 2008, 814 insurers were registered, against 869 in similar period of 2007.
