Insurers of Questionable Reputation Advanced to Top 25
Russia’s biggest insurers suffered collection decline in the first quarter. At the same time, two little-known insurers of St. Petersburg, Solo and Neva Alliance, emerged as the market leaders, posting collection of billions of rubles, the premium growth beyond any reasonable expectations and the actual absence of insurance payments.
Federal Service for Insurance Supervision presented yesterday the Q1 figures for insurance business in the country. Under the report, 786 companies collected 228.4 billion rubles, manifesting the annual growth of 20.2 percent. The payments reached 126.5 billion rubles, having stepped up 28.9 percent on year. The market leaders of recent two years have maintained their leadership. But only a half of 1,416 insurers survived the battle of authorities against illegal insurance schemes.
The show was stolen by little-known Solo and Neva Alliance, to be more precise by their surprising emergence in Top 25. According to Federal Service, Solo collected 3.3 billion rubles in the first quarter. The growth in annual premium was even more impressive, 9,706.6 percent, which enabled the company to climb from the 338th position in the first quarter of 2007 to the 16th position this year. Zero payments of the company are also of interest.
The situation with Neva Alliance is similar – the collection of 2.2 billion rubles, the premium growth of 5,890.7 percent, the payment of 1.4 million rubles and the climb from the 331st to the 25th position.
According to SPARK database, both insurers have common general director, Ivan Stupnikov, and the Federal Service has set to monitoring those companies that proved too successful. “We are watching them, have taken them under control, and the respective order on inspecting the companies will soon be given,” said a source with the Federal Service.
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All the Article in Russian as of May 07, 2008
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