RUSSIA: Voluntary insurance market - down by 12.2%
In the first three quarters of 2009, the Russian insurance market showed a 1.5% nominal growth of written premiums, compared to the same period of 2008. The total volume of underwritings amounted RUR 722.4 billion (EUR 16.26 billion). On the other hand, paid claims increased by 22%, to RUR 529.9 billion (EUR 11.9 billion), according to Federal Insurance Supervision Service.
The increase of written premiums was mostly due to mandatory insurance segment, that amounted to RUR 400.5 billion (EUR 9 billion), a 16% increase compared to the first 9 months of 2008. At the same time, due to economic recession, the voluntary insurance segment showed a 12.2% decrease of written premiums, that is RUR 321.9 billion (EUR 7.25 billion).
Life insurance segment amounted to RUR 10.5 billion (EUR 236 million), in decrease by 26.7%, compared to the same period of the previous year. Personal insurance other than life amounted to RUR 83.24 billion (EUR 1.87 billion), down by 7.8%. On the property segment, the volume of underwritings decreased by 16.6%, to RUR 204 billion (EUR 4.6 billion). The only voluntary insurance segment that showed an increase in underwritings was liability insurance, up with RUR 19.62 billion (EUR 441.69 million), up by 12.5% compared to the same period of the last year.
On the mandatory insurance segment, the picture is more optimistic. MTPL insurance amounted to RUR 62.76 billion (EUR 1.41 billion), up by 5.4%. The underwritings from mandatory health insurance rose by 18.9%, amounting to RUR 331 billion (EUR 7.45 billion).
On September 30, 2009, on the Russian insurance market, there were registered 722 insurance companies.
