Insurance market of Russia: Results for 9 months 2021

Indicators of insurance companies for 9 months of 2021

On 3rd of December 2021 on the site of the Central Bank of the Russian Federation, statistical data of insurers based on the results of 9 months of 2021 were published. According to the results of the first 3 quarters, insurance companies were 1.36 trillion rubles, which is 19% (+220 billion rubles) more than the same period of 2020. For the same period of insurance companies made payments in the amount of 587 billion rubles, which is 26% (+123 billion rubles) more than 9 months of 2020.

9 months 20219 months 2020Change mln. RUB.Change %
Signed premiums mln. RUB1,356,1311,135,894220,23719.4%
Payments made, mln. RUB587,499464,773122,72626.4%
Payout rate43%41%

Thus, the level of payments of insurance companies for 9 months of 2021 increased by 2 p.p. – from 41% to 43%.

Insurance market of Russia: Results for 9 months 2021

Indicators of insurance companies “Life” segments and “not life”

On our site, current information about the insurance market for 9 months of 2021 in infographics from the expert of the Insurance Market of Maxim Chernov, which is also based on the data of the Central Bank of the Russian Federation.

Charges of insurance companies for 9 months 2021 were:

  • life insurance – 379.5 billion rubles;
  • third party liability insurance – 172.1 billion rubles;
  • fully comprehensive insurance – 151.9 billion rubles;
  • VMI – 164.2 billion rubles;
  • insurance against accidents and diseases 201.4 billion rubles.

Insurance market of Russia: Results for 9 months 2021

The slide below presents information on the collection of insurance companies in the 3 quarter of 2021.

Insurance market of Russia: Results for 9 months 2021

Top 5 Insurers According to the results of the 9 months and 3rd quarter 2021 have not changed

The five insurance companies of the Non-Life segment remained the same. The accrued insurance premium for 9 months (net 3 quarter) 2021 in the context of insurers is as follows:

  1. SOGAZ – 292 billion rubles (81 billion rubles);
  2. Alfa Insurance – 102.5 billion rubles (37 billion rubles);
  3. Ingosstrakh – 96,5 billion rubles (34 billion rubles);
  4. Reso-Guarantee – 88 billion rubles (30 billion rubles);
  5. Rossgostrakh – 73,5 billion rubles (26 billion rubles).

The five insurers of LIFE segment remained the same. The signed insurance premium for 9 months (net 3 quarter) 2021 in the context of insurance companies is as follows:

  1. Sber LifeInsurance – 111.5 billion rubles (48 billion rubles);
  2. Alfa Insurance – 74.5 billion rubles (29 billion rubles);
  3. SOGAZ Life – 55 billion rubles (18 billion rubles);
  4. Renessance life – 40 billion rubles (14,billion rubles);
  5. Rossgostrakh life – 17 billion rubles (5,5 billion rubles).

What key growth factors of the insurance premium have developed in 9 months 2021

The main increase by types of insurance to the same period last year is provided for life insurance – plus 80 billion rubles (mainly on loan insurance, as well as due to accumulative and investment life insurance) and  accident insurance – plus 60 billion rubles (most of the premium is bank cross-selling and credit insurance).

According to classic types of insurance, the increase in the accrued premium turned out to be more modest. However, on auto entrances (fully comprehensive insuranceand third party liability insurance) – more than 33 billion rubles. Voluntary medical insurance increased by 16.5 billion rubles, finance risks – plus 9.5 billion rubles. Insurance of property of individuals (apartments and buildings) has grown more than 7 billion rubles.

Insurance market of Russia: Results for 9 months 2021

The main drivers of growth on sales channels remain banks – plus 102 billion rubles, the Internet (online) channel – plus 26.5 billion rubles, brokers and insurance agents – plus about 50 billion rubles. The car dealers rose more in the first half of the year, but the increasing result of 9 months a total increase in this channel amounted to 9 billion rubles.

The maximum increase anong the insurers was shown by the SOGAZ group (plus 50 billions rubles), Alfa Insurance group (38 billions rubles) and the next in top-3 leaders – Sber Insurance group (plus 36 billions rubles).

The leader in the growth of the insurance premium this year became the city of Moscow – plus 168.5 billion rubles. St. Petersburg and Moscow region showed more modest results – plus 13.5 billion rubles and 5.3 billion rubles, respectively.

Profit of insurance companies for 9 months 2021

In the first 9 months of 2021, according to the Central Bank, the profit of insurance companies decreased by 17.7% and amounted to 189.7 billion rubles, and the share of the 5 largest companies accounts for almost half of the profits of the entire market. The decline in profits occurred due to the reduction of the result from the investment activities of companies. The Central Bank also notes that the financial result from insurance activities showed growth. In more detail about the results of the insurance market, as well as the “Life” segments and “not life” segments, we will tell us very soon, so you follow the updates.

The comments of the expert

From the point of view of forecasts and market expectations – nothing unexpected happened. The accrued premium increased by 20%, the main driver still remains insurance (first of all, credit insurance, then accumulative and investment life insurance). However, the level of payments grew by 2 pp. Compared to the past Locking-pandemic 2020, when the frequency of consignments on auto insurance and VMI decreased.

Эксперт страхового рынка Лебедев Денис
Expert: Denis Lebedev

Against the background of the rapid growth of the insurance premium and the growth of unprofitability, as well as changes in the approach to assess the financial condition of the company, the profit decreased by 18%. There is a risk of leaving the players market who will not cope with the implementation of the Direction No. 710-P “On individual requirements for the financial sustainability and solvency of insurers.” Recently, the Bank of Russia withdrew the license of the company ASCO-Insurance. There is a feeling that this is not the last decision regarding the market participants from the Central Bank.

The main increase in the insurance market is due to the banking channel. Sales of certificates through insurance intermediaries (brokers and agents) are growing enough, it shows the good dynamics of online (Internet) the direction of insurance. According to our assessment, the online insurance market in 2021 will exceed 100 billion rubles. The further growth in the life insurance market will depend on the implementation of important initiatives, such as a draft change in the direction of the Bank of Russia 5055-y, as well as changes in loan insurance and the introduction of a new direction – equity life insurance.

Stay with us and follow the indicators of insurance companies in the heading of the market analysis and author articles on the information and analytical resource – Calmins.com!

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