Russian insurers' premiums up 6% y/y in Q1.

By bne IntelliNews May 14, 2010
Russian insurers' premiums up 6% y/y in Q1. Russian insurers wrote premiums worth a total of RUB 257.66bn in Q1, up 6% y/y, according a report given by representatives of the Federal Service for Insurance Oversight. Payouts totaled RUB 173.81bn up 5.9% y/y. Non-obligatory insurance premium collection increased 4.3% y/y to RUB 121.3bn in the period, while payouts on non-obligatory insurance policies rose 3.3% to RUB 50.33bn. Premium collection, excluding mandatory health insurance, rose 5.2% y/y to RUB 146.2bn, said Tatyana Maiorova, a department head at the Federal Service for Insurance Oversight. Payouts, excluding mandatory health insurance, increased 5.7% y/y to RUB 65bn in the period, she said.Property insurance premiums fell 4.1% y/y to RUB 62.18bn in the period, while payouts rose 1.8% to RUB 34.16bn. Life insurance premiums rose 9.4% to RUB 4.42bn, personal insurance premiums rose 11.4%, and liability insurance premiums rose 19.5% in Q1. Payouts on life insurance policies fell 6.8% y/y to RUB 1.36bn, personal insurance payouts rose 5% to RUB 13.94bn, and liability insurance payouts fell 1.6% to RUB 610mn. Maiorova also said that 54% of 648 insurance companies increased premium collection in Q1. The average size of insurers' charter capital rose 14% in Q1 to 214.7mn rubles, Maiorova said.

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