Collections of the Moscovia Regional Center of Ingosstrakh Insurance Company Increased by 23% in 2018
The insurance premium collected by the Ingosstrakh Insurance Company Branches of the Moscovia Regional Center in 2018 amounted to RUB 1.6 bn, which is 23% more than in 2017.
The insurance premiums collected under voluntary insurance other than life insurance amounted to RUB 945.2 m (25% growth), including RUB 150.1 m for personal insurance (51% growth), RUB 744.5 m for property insurance other than liability insurance (20% growth), and RUB 50.5 m for liability insurance (30% growth). Premiums collected under compulsory motor third-party liability (CMTPL) insurance amounted to RUB 587.8 m (24% growth). Insurance premiums collected under the program of compulsory insurance of civil liability of the owner of a hazardous facility for injury or damage due to an accident at the hazardous facility were RUB 14.8 m (2% growth). RUB 42.4 m were collected under contracts of compulsory insurance of the civil liability of a carrier for the damage to life, health, and property of passengers.
Payments of Ingosstrakh Insurance Company Branches in the Moscovia Regional Center for 2018 amounted to RUB 625.7 m, including RUB 53.1 m for voluntary personal insurance, RUB 297.9 m for property insurance except for liability insurance, and RUB 713 thou for voluntary liability insurance. Payments under compulsory motor third-party liability insurance amounted to RUB 257.2 m. RUB 16.8 m were collected under contracts of compulsory insurance of the civil liability of a carrier for the damage to life, health, and property of passengers.
The most dynamically developing areas of business of the Moscovia Regional Center during this period were CMTPL, motor own damage, and individuals’ property insurance.
"Thanks to the well-coordinated work of the team of the branches, the Moscovia Regional Center demonstrates confident development dynamics that is ahead of the average market indicators. For example, in the motor own damage insurance segment, the collections of branches increased by 22.6% with market dynamics at 7.3%, and in individuals’ property insurance, by 24% with market growth by 5.3%," Evgenia Efimova, Deputy Director of Moscovia Regional Center of Ingosstrakh Insurance Company, comments. "In addition, the branches of the regional center were involved in the process of CMTPL insurance liberalization: for example, in January 2019, the basic rate of the CMTPL insurance tariff for individuals was reduced in the Vladimir and Yaroslavl Regions."
To recap, the area of responsibility of the Moscovia Regional Center includes Ingosstrakh Insurance Company Branches located in the Ivanovo, Kaluga, Kostroma, Ryazan, Smolensk, Tula, Yaroslavl, Vladimir, and Tver Regions.