Expert RA - insurers have lost 60% of revenue earned in the first half of 2008

In 2008, the growth of insurance premiums have decreased in comparison with 2007 by 5.3 percentage points from 19.5 to 14.2%. About this burn analysts "Expert RA". In 2008, the Russian insurance companies raised 555 billion rubles contributions of direct insurance (excluding OMC), which is 68.9 billion rubles or 14.2% more than in 2007 (an increase premiums in 2007 compared to 2006 was equal to 19,5%). In the second half of 2008, insurers have lost 60% of revenue earned in the first half of 2008. According to research, "Expert RA" Russian insurance market in 2008, the average return on assets of Russian insurers in 2008 was equal to 2,0%. At the same time in the 3 rd quarter of 2008, the aggregate amount of losses of companies that mobilized in 2008 50,5% of the market premium was equal to 1,4 billion rubles in the fourth quarter of 2008, losses reached 4 billion rubles. "The most significant deterioration in financial performance results of 4 quarters of 2008 occurred among captive insurance companies, - the head of the insurance lines" Expert RA "Alex Janin. - As we predicted, the economic difficulties faced by dependents own the majority of captive insurers, the impact on financial condition of their subsidiaries. In the fourth quarter of 2008, assets of the captive insurers have fallen to 5,3%, own funds on 4,3%, the portfolio's value by 7,1%. The average return on investment without the accrual in the fourth quarter of 2008, this group of insurance companies was equal to -1.7%. In 2009, more substantially reduced and the contributions received by captive insurance companies, compared with companies operating in the open market. "