Insurance companies in Russia have underwritten in the first quarter of this year gross premiums worth EUR 7.53 billion, 18.1% more than in the same period in 2010. Meanwhile, claims paid by Russian insurers in the first three months amounted to EUR 4.78 billion, up by 11.3% compared with 1Q/2010, according to the report of the local supervisory authority.
On insurance classes, underwritings on the voluntary segment increased by 19% compared to 1Q/2010, to EUR 3.56 billion. Also, the volume of claims paid by Russian insurers on this segment reached EUR 1.30 billion, up by 3.7% compared to the similar period of 2010.
Regarding the results of mandatory insurance segments, the volume of gross written premiums of profile companies from Russia in 1Q/2011 reached a value of EUR 4 billion (+17.3%), while the volume of claims totaled around EUR 3.50 billion (+14.4%). Of these, mandatory third party liability insurance (MTPL) registered EUR 470.8 million (+2.3%), and claims paid reached EUR 361.84 million (+12.8%).
Also, a significant increase of the underwritings volume, of 18.2%, was registered by Motor Hull type policies in 1Q/2011, as they reached EUR 811.90 million, while claims paid on this line fell by nearly 7%, to EUR 580.67 million.
During January-March 2011, according to data of the Russian Supervisory Commission, on the profile market, 614 insurance companies have operated.
Insurance companies in Russia have underwritten in the first quarter of this year gross premiums worth EUR 7.53 billion, 18.1% more than in the same period in 2010. Meanwhile, claims paid by Russian insurers in the first three months amounted to EUR 4.78 billion, up by 11.3% compared with 1Q/2010, according to the report of the local supervisory authority.