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Reinsurance in Russia | January – June 2017
MOSCOW | 2017
Data Source and Report Purposes
2
"We are pleased to present our regular overview of the reinsurance market,
which was made by RNRC on the basis of the public statistics of the Central
Bank.
Our aim is to provide the market and all interested parties with a fair view of
the changes on the Russian reinsurance market free from speculation and
arbitrary conclusions.
The Report is based solely on the historical data provided by insurers in their
quarterly reports to the Central Bank.
We are always ready to answer any questions concerning these reports which
have become our regular practice."
Nikolay Kuznetsov,Chief Actuary, RNRC
Inward reinsurance
3
o Premium growth dynamicso Market structureo Leaderso Geographyo Market concentrationo Loss ratio
Outward reinsurance
o Dynamicso Structureo Geographyo Leaderso RNRC's share in insurers' portfolios
TABLE OF CONTENTS
Paid claims
Inward reinsurance market dynamics
4
15 511 14 748 9 565 11 015 11 791
6 987 9 424 10 692 9 696 6 456
HY1 2013 HY1 2014 HY1 2015 HY1 2016 HY1 2017
premiums ceded by the international market
premiums ceded by Russian insurers
20 71422 501
24 175
20 260
18 250
The downward trend of the inward insurance market hascontinued in the first six months of 2017, although in thesecond quarter of 2017, the decline slowed down almosttwofold compared to the first quarter. The market decreasedby 15.7% in the first quarter and only by 7% in the secondquarter. At the end of the six months, the market declinetotaled 11.9%. If not for RNRC, the decrease would havereached 25% in the first six months.
At the end of the first six months, the drop in the amount ofinternational risk premiums of Russian companies remainedat the level of the first quarter (33%). As a result, the shareof international business has decreased from 46% to 35% ofthe total amount of premiums compared to the first sixmonths of 2016. The performance of all major players hasdecreased, in part due to the strengthening of the ruble in2017. This has less impact on the domestic market, thoughbeing important for players of international origin, such asSCOR, Chubb, and AIG.
The Russian inward reinsurance market has grown by 7%. Ifnot for RNRC, it would have seen a 20% drop in premiums, assome companies (such as UNITY RE, TRANSSIB RE, ZHASO,TRANSNEFT, and SELEKTA (who was back on the market inthe second quarter of 2017)) have left the market and anumber of Russian players (such as ROSGOSSTRAKH,CAPITAL INSURANCE, and SCOR) have become less active.etc.
Dynamics of the inward reinsurance market(million RUB)
4%9%
2%
4%
5%
2%
5%
60%
3%7%
Financial risks
Agricultural
Liability, incl. hazardous
industrial facilitiesCompulsory insurance of
hazardous industrial facilitiesCompulsory carrier liability
insuranceVoluntary medical insurance and
accident insuranceMarine
Hull and machinery
Corporate property
Personal property
Inward reinsurance market structure
5
Inward reinsurance market structure 1st half of 2016
Inward reinsurance market structure1st half of 2017
Changes in the structure of premiums followed the same trends as those seen in the first quarter: an increasing share ofcompulsory liability insurance (hazardous industrial facilities and carriers liability) and a decreasing share of corporateproperty insurance. Changes in compulsory insurance are technical and are due to changes in the accounting regulations.Changes that are less significant in absolute terms but worth mentioning include a more than twofold drop in the share ofland transport hull insurance in the structure of premiums (mainly contributed by a decrease in premiums of SKOR P.O. fromthe Russian market) and a considerable (75%) increase in the share of personal property insurance in the structure ofpremiums due to an increased amount of premiums ceded to SOGAZ.
5%
9%
3%
10%
5%
2%
2%
51%
1%
3% 8%
Leaders of the inward reinsurance market
6
67 846
40 253
155 390
178 167
733 774
200 946
392 450
230 470
265 045
919 313
552 598
852 616
778 949
925 036
1 611 695
1 563 547
4 864 823
3 687 664
56 850
49 895
133 397
176 511
448 721
256 303
444 624
332 454
242 675
491 522
458 739
873 755
925 412
532 295
1 143 723
841 034
3 023 685
3 277 442
3 611 884
UNITED INSURANCE COMPANY
LEKSGARANT
TIT
ENERGOGARANT
ROSGOSSTRAKH
SOGLASIE
RESO
ALLIANZ
VSK
CAPITAL
RUSSIAN RC
VTB
ALFASTRAKHOVANIE
AIG
CHUBB
SCOR
RNRC
SOGAZ
INGOSSTRAKH
HY1 2017 HY1 2016
16.6%
RNRC's sharein the total
amountof premiums
At the end of the 1st half of2017, the market leaders,SOGAZ and INGOSSTRAKH,swapped places with eachother due to a decrease inwritten premiums of SOGAZ.
RNRC has increased its marketshare and remained thirdamong the leaders.
Some of the market leaders(ALFASTRAKHOVANIE, VTBINSURANCE, RESO-GARANTIA)have increased their writtenpremiums.
Premiums written bysubsidiaries of internationalcompanies decreased largelydue to changes in the rubleexchange rate.
(thousand RUB)
Leaders of the inward reinsurance market in the Russian Federation
7
58 535
37 899
44 978
120 727
67 120
169 952
139 027
161 107
235 332
222 942
354 878
643 222
389 127
1 275 017
553 552
702 306
2 307 864
1 545 857
-
53 801
61 934
83 912
103 549
116 483
171 003
175 928
218 365
219 674
316 956
341 054
414 490
433 447
599 861
752 213
789 915
1 237 639
2 104 367
2 989 744
UNITED INSURANCE COMPANY
CHULPAN
MAKS
TIT
AIG
ENERGOGARANT
CAPITAL INSURANCE
SOGLASIE
VSK
ALLIANZ
RUSSIAN RC
ROSGOSSTRAKH
RESO-GARANTIA
SCOR
ALFASTRAKHOVANIE
VTB INSURANCE
SOGAZ
INGOSSTRAKH
RNRC
HY1 2017 HY1 2016
(thousand RUB)
25.4%
RNRC's share in the total amount of
premiums written the Russian Federation
RNRC accounts for 25% of thedomestic inward reinsurancemarket.
If not for written premiums ofRNRC, the inward reinsurancemarket would have seen a 20%drop instead of growing by 7%.
INGOSSTRAKH posted a 36%increase and SOGAZ saw a 46%decrease in inward reinsurancepremiums. The latter was due to amore than a twofold decrease inpremiums under corporateproperty insurance contracts.
The growth of premiums of majorinsurers mainly relates to thedomestic market.SCOR saw a drop in premiums dueto a decrease in premiums underhull and machinery insurancecontracts.
Leaders of the market of inward reinsurance from abroad
83 323
7 528
29 713
31 676
34 663
-
90 552
39 839
40 253
150 310
197 720
-
225 397
288 530
780 286
857 916
1 611 695
2 141 807
2 556 959
11 177
15 498
23 001
25 299
29 848
33 941
34 231
37 938
49 895
83 840
117 685
124 134
173 199
241 173
315 594
415 812
1 116 811
1 507 517
2 039 803
RESO
ALLIANZ
VSK
ARSENAL
TIT
RNRC
ROSGOSSTRAKH
SOGLASIE
LEKSGARANT
VTB INSURANCE
RUSSIAN RC
SELEKTA
ALFASTRAKHOVANIE
SCOR
CAPITAL INSURANCE
AIG
CHUBB
INGOSSTRAKH
SOGAZ
HY1 2017 HY1 2016
0.5%
All notable players of the market ofinward reinsurance placed by foreigninsurers experienced a decrease intheir business. This was mainly due tothe strengthening of the ruble, leadingto a decrease in the Ruble equivalentamount of premiums.
CAPITAL INSURANCE has lost asignificant amount of inwardreinsurance business from Bulgaria.
SELEKTA is back in the statisticspublished by the Central Bank ofRussia for the first six months of2017.
RNRC has not acquired any significantvolumes of foreign business. This isdue to the fact that the Companystarted to operate on internationalmarkets in the second quarter of2017 after international ratingassignment by Fitch (BBB-).
(thousand RUB)
0.5%
RNRC's share in the amount of premiums
writtenabroad
Countries ceding premiums to Russia
914 478
59 053
621 538
111 350
204 386
218 195
21 591
107 783
243 009
258 460
336 467
85 961
247 894
23 670
228 419
1 357 462
517 710
857 036
429 622
1 736 447
73 991
80 843
88 435
106 067
132 797
146 294
167 886
168 337
191 234
203 304
224 107
269 512
278 087
279 252
312 891
319 924
397 160
416 162
426 995
1 137 298
CZECH REPUBLIC
SUDAN
BULGARIA
GEORGIA
REPUBLIC OF KOREA
SWEDEN
VIETNAM
MOLDOVA
SERBIA
FRANCE
UKRAINE
BELARUS
INDIA
SLOVENIA
CHINA
GERMANY
KAZAKHSTAN
FINLAND
UAE
UK
HY1 2017 HY1 2016
Top 20 leading countries in terms of the amount of premiums ceded to Russian reinsurers
The amount of premiums ceded toRussian reinsurers has decreased forthe majority of countries. The mostnotable decrease is recorded forGermany. This is due to a dramaticreduction of business placed fromthis country with SOGAZ.
At the same time, SOGAZ was able tomake up for the lost business onaccount of Belarus, Vietnam andChina, resulting in growth for thesecountries.
For the UK, the drop was due to areduction in business placed withCHUBB.
For Finland, a twofold decrease inpremiums was due to AIG.
For Bulgaria, the decline was due toCAPITAL INSURANCE. The growth ofpremiums from Slovenia is alsoassociated with this company.
(thousand RUB)
Inward reinsurance market concentration
10
20%23% 23%
37%39% 41%
45%47% 50% 51%
70%
77%81% 83%
2012 2013 2014 2015 2016 HY1 2016 HY1 2017
Top 2 Top 10
Market shares of Top 2 and Top 10 leaders of the inward reinsurance market
The trend towards the concentration of the inward reinsurance market continues. Following a decrease in premiums from international markets, the percentage of Russian companies among the top 10 players is growing.
Outward reinsurance market dynamics
11
In the second quarter of 2017, the amount of ceded premiums showed betterdynamics in absolute terms than in the similar period of 2015 and 2016. As aresult, the market decline has slowed down.
While at the end of the first quarter of 2017 the market decrease reached20%, the aggregate drop for the six months was 10%.
The fall was due to a 14% decrease in premiums ceded abroad in the first sixmonths (in the first quarter of 2017, the decrease in premiums ceded abroadreached 25%).
The trend toward increasing treaty capacity driven by SOGAZ andINGOSSTRAKH was supported by another player, ALFASTRAKHOVANIE thatincreased the limit under its existing treaty. The trend towards an increasingnumber of co-insurance contracts continues too, which also contributes toreduction of the total amount of ceded premiums.
The strengthening of the ruble and changes in the premiums accountingprocedure also continue to affect the year-to-year comparability of figures indifferently directed patterns. The strengthening of the ruble reduces theamount of premiums denominated in foreign currency and the new accountingregulations increase the amount of premiums, requiring that premiums bereported before the formally executed documents are received.
CAPITAL INSURANCE reduced the amount of ceded premiums due torescheduling of signing of a few major contracts from the first quarter of 2017to the fourth quarter of 2016. A positive effect on the amount of cededpremiums was made by changes in the structure of land transport hull andmachinery reinsurance, mainly due to SOGLASIE. A reduced amount of"schemes" also makes a contribution, but this impact cannot be reliablyassessed.
17 680 16 66311 788 11 750 13 189
42 499 51 338 49 249 55 470 47 605
HY1 2013 HY1 2014 HY1 2015 HY1 2016 HY1 2017
premiums ceded abroad
60,130
68,003
61,038
67,221
60,795
Dynamics of the outward reinsurance market (million RUB)
Dynamics of the outward reinsurance ratio
12
15,4%
16,3%
15,6%
16,5%
14,7%
HY1 2013 HY1 2014 HY1 2015 HY1 2016 HY1 2017
Ratio of ceded premiums to direct and assumed reinsurance premiums, excluding life and compulsory motor third party liability insurance
During the 1st half of 2017, ceded premiums not only showed a decline in absolute terms, but also structural changes. The ratio of ceded premiums to total direct and assumed reinsurance premiums dropped notably (excluding life and compulsory motor third party liability business, as such risks either may not be ceded or are insignificant).
In the second quarter of 2017, the ratio increased compared to the first quarter when it was 13%. The result for the 1st half of 2017 (14.7%) is much closer to the average values of the previous years.
Risks with smaller shares
13
10,5%
13,8%
4,3%
21,0%
7,3%
45,6%
5,4%
29,4%
76,2%
48,1%
44,6%
11,6%
6,8%
0,9%
11,0%
24,9%
1,7%
21,4%
8,7%
36,2%
7,3%
30,4%
60,9%
46,8%
42,4%
12,4%
5,4%
0,8%
Railways
Agricultural
Individual property
Marine
Financial risk
Aviation hull insurance
Hull and machinery
Cargo
Business risk
Corporate property
Property Total
Liability Total
Personal Total
Life Total
HY1 2017
HY1 2016
Ratio of ceded premiumsto direct and assumed reinsurance premiums
At the end of the first six months of 2017, changes in the sharesof ceded risks in certain segments compared to the previousyear were less significant than a quarter ago.
As for property business, a significant gap registered in the firstquarter of 2017 was almost made up for. Corporate propertybusiness was strongly impacted by the transfer of premiums ofCAPITAL INSURANCE and almost a twofold decrease in theceded premiums of ALFASTRAKHOVANIE and VTB. On the otherhand, the market leader, SOGAZ, has notably increased theamount of premiums ceded in this business.
As for liability insurance, a percentage increase in premiums dueto the changes in accounting for compulsory types was smalleron the one hand. On the other hand, decreased premiums cededunder developer liability contracts by RESPECT also showed asmaller percentage impact than in the first quarter of 2017.
A decrease in the share of ceded business risks was almosttotally due to the leader of the segment, SOGAZ, that was ableto increase its direct premiums while keeping the reinsurancepremiums unchanged.
The share of business risk reinsurance is notably higher thanthat of corporate property business, mainly on account ofbusiness interruption insurance. This product is more offered tolarge corporate clients, resulting in a higher share of premiumsceded.
8%
1%
11%
1%
3%
8%
1%
9%
47%
1%
1%
4%4% 2%
Financial risks
Agricultural
Liability, incl. hazardous industrial
facilitiesCompulsory insurance of hazardous
industrial facilitiesCompulsory carrier liability
insuranceAccident and voluntary medical
insuranceMarine
Hull and machinery
Corporate property
Personal property
Outward reinsurance market structure
14
Outward reinsurance market structure HY1 2016
Outward reinsurance market structure HY1 2017
In the 1st half of 2017, the share of land transport hull and machinery business increased compared to the similar period of the previous year. SOGLASIE increased its ceded premiums by four times or RUB 3 billion. Based on the changes in the premium dynamics, the structure of reinsurance coverage has changed as well. On the contrary, ROSGOSSTRAKHdecreased its premiums by RUB 1.2 billion. SCOR saw a decrease in retrocession, and a number of players left the market altogether.
7%1%
11%
1%
1%
8%
1%
7%52%
1%
4%4% 1%
Countries where premiums go to from Russia
15
694 923
436 092
497 657
456 845
639 762
810 599
605 181
617 405
468 627
1 081 485
59 063
1 189 184
1 234 711
1 347 632
1 991 247
3 913 128
4 542 772
4 554 955
8 066 802
13 997 647
360 182
374 018
383 473
391 097
416 450
487 633
636 130
777 697
801 913
916 287
935 304
1 012 270
1 037 384
1 040 229
1 588 082
3 679 086
3 697 520
4 186 312
9 100 034
11 966 505
SPAIN
JORDAN
NETHERLANDS
AUSTRIA
REPUBLIC OF KOREA
FINLAND
BELGIUM
BARBADOS
LUXEMBOURG
IRELAND
CAYMAN ISLANDS
CHINA
INDIA
BAHRAIN
BERMUDAS
FRANCE
U.S.
SWITZERLAND
GERMANY
UK
HY1 2017 HY1 2016
Top 20 leading countries in terms of the amount of premiums ceded by Russian insurers
A wide-scale decrease in ceded premiums was due tochanges in exchange rates.
The transfer of premiums of CAPITAL INSURANCE has moststrongly hit the UK (about RUB 2 billion) and Kuwait (aboutRUB 880 million). As a result, Kuwait dropped out of theTop 20.
An increase in premiums going to Germany was due to thegrowth of ceded premiums in hull and machinery businessof SOGLASIE.
The Cayman Islands appeared in the Top 20 list due toRESPECT's decision to have its risks reinsured in thiscountry.
One of the few countries that showed growth isLuxembourg. This was thanks to the increased amount ofpremiums from VSK, as well as to contracting with SOGAZand BRITISH INSURANCE HOUSE.
(thousand RUB)
Leaders of the outward reinsurance market
16
906033,0
481786,0
1108128,0
6352964,0
1627754,0
882547,0
4325493,0
576225,0
1118253,0
1673771,0
1723339,0
1556634,0
1301115,0
1692031,0
2626913,0
4577298,0
1910239,0
6109396,0
15491481,0
566525,0
582803,0
715881,0
806667,0
824127,0
839304,0
1108762,0
1113116,0
1134791,0
1154589,0
1402764,0
1559293,0
1872932,0
1941108,0
2201332,0
3968329,0
5111916,0
5838105,0
18327735,0
SCOR
ALLIANZ LIFE
ENERGOGARANT
CAPITAL INSURANCE
CFIC
ZURICH
ROSGOSSTRAKH
VSK
RSKHB
CHUBB
RESPECT
AIG
ALLIANZ
RESO-GARANTIA
VTB INSURANCE
ALFASTRAKHOVANIE
SOGLASIE
INGOSSTRAKH
SOGAZ
4.3%
The majority of companies reducedthe amounts of ceded premiums.The most notable decrease wasreported by CAPITAL INSURANCE(Lukoil's property) andROSGOSSTRAKH (hull andmachinery, corporate and personalproperty businesses).
A considerable decrease wasreported by CRIMEAN FIRSTINSURANCE COMPANY (CFIC).
The companies with a significantincrease in the amount of cededpremiums include SOGAZ andSOGLASIE.
As mentioned before, SOGAZ hassignificantly increased cededpremiums in the corporate propertybusiness and SOGLASIE increasedceded premiums in the hull andmachinery business.
(thousand RUB)
Share of treaty reinsurance
17
100%
100%
95%
44%
0%
77%
52%
78%
73%
73%
31%
94%
45%
18%
18%
32%
90%
58%
19%
53%
100%
100%
96%
38%
0%
78%
65%
88%
82%
77%
100%
100%
74%
17%
34%
30%
95%
64%
13%
49%
SCOR
ALLIANZ LIFE
ENERGOGARANT
CAPITAL INSURANCE
CRIMEAN FIRST…
ZURICH
ROSGOSSTRAKH
VSK
RSKHB
CHUBB
RESPECT
AIG
ALLIANZ LIFE
RESO
VTB INSURANCE
ALFASTRAKHOVANIE
SOGLASIE
INGOSSTRAKH
SOGAZ
TOTAL
HY1
2017
4.3%
The structure of market in terms ofthe prevailing form of reinsurancelooks quite stable, although theshare of premiums under treatieswent down below 50 percent in2017. This was mainly due to adecrease in the respective share ofthe market leader, SOGAZ, and adecline in the total weight ofsubsidiaries of internationalinsurers and reinsurers.
As can be seen, the share oftreaties of subsidiaries of foreigninsurers (usually for the benefit ofthe parent) is, as a rule, equal to100 percent.
RNRC's share in premiums ceded by insurance companies (1)
18
RNRC accounts for 10% or more RNRC accounts for 5 to 10%
VTB INSURANCE 11.3%VSK 10.9%INDEPENDENT INSURANCE GROUP 25.9%NASKO TATARSTAN 11.8%MEGARUSS-D 32.6%TIT 10.5%NIK 10.4%ROSGOSSTRAKH-LIFE 12.6%AMT INSURANCE 10.4%CRIMEA INSURANCE ALLIANCE 11.6%URALSIB INSURANCE 20.2%ERV TRAVEL INSURANCE 19.2%PARITET-SK 25.7%MEDEKSPRESS 23.7%POLIS-GARANT 10.6%SMP-INSURANCE 245.3%SELEKTA 15.1%EKIP 10.7%ASKO-CENTER 27.1%CAPITAL REINSURANCE 208.3%ARMEYETS 30.8%INGVAR 16.1%ADVANT-INSURANCE 16.7%INTOUCH INSURANCE 19.6%YUGORIA 10.9%CIVIL INSURANCE HOUSE 11.1%URALSIB-LIFE 20.5%INVESTSTRAKH 13.4%
SOGAZ 8.80%
ALFASTRAKHOVANIE 5.3%
ROSGOSSTRAKH 6.5%
CRIMEAN FIRST INSURANCE COMPANY 6.1%
BRITISH INSURANCE HOUSE 6.8%
ERGO 5.5%
PROMINSTRAKH 8.6%
ARSENAL 9.7%
GELIOS 7.9%
URALSIB 5.7%
NADEZHDA 9.1%
VERNA 9.3%
ROSINKOR RESERV 6.6%
AK BARS INSURANCE 6.2%
GUTA-INSURANCE 6.2%
UNITED INSURANCE COMPANY 6.8%
ASTRO-VOLGA 7.6%
D2 INSURANCE 6.0%
TINKOFF INSURANCE 8.8%
TYUMEN-POLIS 7.5%
BOROVITSKOE INSURANCE COMPANY 9.0%
ASKOR 7.2%
RNRC's share in premiums ceded by insurance companies(2)
19
RNRC accounts for 1 to 5 % RNRC accounts for 0 to 1 %
INGOSSTRAKH 2.1%
RESO-GARANTIA 4.1%RSKHB-INSURANCE 2.6%
ZURICH RELIABLE INSURANCE 2.2%CAPITAL INSURANCE 3.3%
RENAISSANCE INSURANCE GROUP 2.1%
SURGUTNEFTEGAZ 4.6%MAKS 1.7%
STERKH 2.4%RUSSIAN REINSURANCE COMPANY 3.4%SBERBANK LIFE INSURANCE 4.5%
KHOSKA 2.8%
LIBERTY INSURANCE 1.6%ADONIS 4.4%
BASK 2.1%SPASSKIYE VOROTA 2.9%
TRANSNATIONAL INSURANCE COMPANY 2.3%
DALAKFES 3.3%SOCIETE GENERALE INSURANCE 1.7%
LEKSGARANT 3.7%DALZHASO 4.7%
GEOPOLIS 4.3%
ANGARA 4.8%
YEKATERINBURG INSURANCE COMPANY 1.5%SOGAZ-LIFE INSURANCE COMPANY 4.6%
MSK STRAZH 4.9%PLATO 2.1%
INERTEK 2.8%
ORBITA 1.7%SERVISREZERV 2.0%
TALISMAN 4.8%
SOGLASIE-VITA 4.8%
USPEKH INSURANCE COMPANY 4.6%
POVOLZHYE INSURANCE ALLIANCE 4.7%
SOGLASIE 0.4%
ALYANS 0.7%
CHABB INSURANCE COMPANY 0.8%
ENERGOGARANT 0.5%
EMERGENCY INSURANCE COMPANY 0.1%
YUZHURAL-ASKO 0.1%
PARI 0.3%
ROSMED 0.4%
CHULPAN 1.0%
SBERBANK INSURANCE 0.5%
INGOSSTRAKH-LIFE 0.1%
OPORA 0.1%
POMOSCH INSURANCE COMPANY 0.2%
ZETTA INSURANCE 0.4%
ERGO LIFE 0.1%
KRK-INSURANCE 0.5%
TWENTY FIRST CENTURY 0.1%
YAKOR 0.8%
CAPITAL-POLIS 0.8%
INSURANCE BUSINESS GROUP 0.7%
GRANTA 0.3%
ASKO 1.0%
REGIONGARANT 0.3%
ALFASTRAKHOVANIE-LIFE 0.1%
KOMESTRA-TOM 0.8%
DIAMANT 0.3%
VOSTSIBZHASO 0.5%
4.9 %
RNRC's share in thetotal amount of ceded
premiums
45 companies – 0%
Dynamics of paid claims
20
4 429 5 761 6 347 3 616 4 532
10 143 7 769 12 473 25 035 31 365
HY1 2013 HY1 2014 HY1 2015 HY1 2016 HY1 2017
within Russia from abroad
35 897
Dynamics of paid claims (million RUB)
The last two years were very unsuccessful for reinsurers. An unusually high value of the reinsurers' share in paid claims in the first half of 2016 was due to the loss claimed under Achinsk Refinery reinsurance (the loss of SOGAZ). However, this figure was exceeded in 2017 after the final settlement of loss in respect of Berezovskaya GRES (the loss of CHUBB), which amounted to about RUB 26 billion, of which about RUB 20 billion were paid in 2017.
28,651
18,820
13,53014,572
Loss ratio
21
97 498
114 790 120 158
138 448
120 633
132 116
67 221 60 795
29% 23% 21% 28% 52% 37% 43% 59%
2011 2012 2013 2014 2015 2016 HY1 2016
total premiums paid claims
Dynamics of premiums growth – inward reinsurance (million RUB)Loss ratio (%)
Despite the fact that the last years were very unsuccessful for reinsurers due to a number of large paid claims, the reinsurance market remains generally attractive, as confirmed by a significant positive balance between premiums and paid claims.
HY1 2017
THANK YOU FOR YOUR ATTENTION!
6 Gasheka | Moscow, 125047 | Ducat Place III Business CenterPhone: +7 (495) 730 44 80 | Fax: +7 (495) 730 44 79 | [email protected]
www.rnrc.ru