Over the past year, two trends have emerged in the OSAGO insurance market. In addition to its liberalization, which has already borne fruit in the form of a 5% tariff reduction, the second is gaining momentum - the consolidation of the region.
As elsewhere, most of the contributions - more than 3/4 - are collected by two dozen large and reliable companies, and insurers with a size smaller are left to divide the remaining 25%. In the future, according to experts, 100 insurance service providers will remain in force in the region. The rest will either leave the market or merge with each other in financial ecstasy.
What does this mean for Russian car owners? It is more profitable to focus on large insurers, since they certainly will not disappear in the fog, at least in the near future. And if you are looking for where to insure a car, we offer you a list of the 10 most reliable insurance companies in OSAGO 2020, whose rating (according to the Expert RA agency) is AA- or higher.
10. Energy guarantor
Rating: ruAA-
The rating of the best CTP insurance companies in 2020 is opened by Energogarant, which has about two thirds of the insurance portfolio given to CTP and comprehensive insurance.
True, the past year was not brilliant for Energogarant - representatives of the tax inspectorate set foot on the company and strongly recommended paying taxes, penalties and fines, the total amount of which is 1.5 billion rubles. Energogarant does not want to pay and is going to deal with the Federal Tax Service in a judicial proceeding.
9. Rosgosstrakh
Rating: ruAA-
This is one of the oldest players in the Russian insurance market. And in this case, age only adds solidity to the company, it continues to actively sign contracts and pay compensation.
Last year was a success for Rosgosstrakh. According to the press service of the insurer, the number of contracts signed has increased by almost 3 million copies. However, an optimistic barrel of honey was spoiled by a fly in the ointment - in February, the Central Bank again fined Rosgosstrakh. This time, the reason was a careless attitude to the information; it seems that the company was inclined to get rid of insurance documents, which it was required by law to keep.
8. Renaissance Insurance
Rating: ruAA-
But the Renaissance Insurance group is a child of recent years. In 2017, several more insurers decided to sail under the flag of two existing “renaissance” companies. As a result, a rather influential organization appeared on the insurance market.
In the same 2017, the newly formed company managed to take seventh place in motor insurance fees. However, after a year and a half it suddenly became clear that at least 50% of the Renaissance Insurance group were pledged by another bank that had once provided a loan to the insurer. But it all ended happily for the Renaissance, and the loan was repaid ahead of schedule.
7. MAX
Rating: ruAA-
MAKS is one of the leading players in the Russian auto insurance market, and its history dates back to perestroika. Initially, the insurer specialized in insurance of enterprises in the nuclear and energy complex. And the company began to develop the automotive industry only from the beginning of the current millennium.
At present, MAKS’s business is not going brilliantly, and therefore Expert RA agency changed the rating of the company to AA-. In the third quarter of 2019, the result of MAKS insurance operations was negative, and the percentage of insurance premiums received decreased by a third compared to the previous year. Will MAKS manage to get out of a difficult situation? Time will tell.
6. VSK
Rating: ruAA
Another major player in the OSAGO market. In terms of premium collection, this company has long been in the top ten. Even Vladimir Vladimirovich himself personally expressed gratitude to the work team of the company, who worked tirelessly in the insurance field.
They love VSK and the media (according to the citation index last year, VSK became the undisputed leader). And recently, this insurer received another award "Company of the Year."
5. RESO-Warranty
Rating: ruAA +
The top 5 insurance companies in OSAGO 2020 opens an old-timer in the Russian insurance market, operating since 1991.
Last year, the company's share in the insurance market of the Russian Federation amounted to 6.2%. Moreover, automobile contributions account for a large part of the insurance portfolio:
- OSAGO contributions amounted to approximately one third of the total
- CASCO - 26%.
RESO operates mainly in the capital of our country. It is Moscow that accounts for almost half of the premiums for the three quarters of 2019. Losses on VHI slightly spoil the rainbow picture, but this does not apply to the topic of our rating. Even despite the failures in this area, in terms of the contributions made by RESO over the past year, it ranked fifth in Russia.
4. Alpha Insurance
Rating: ruAA +
According to Forbes, Alfa Insurance is the largest private insurance company in Russia. Although the company is active throughout the Russian Federation, the largest share of contributions is traditionally in Moscow.
In general, Alfa has its strong 7% of the market, is stable in the top ten in terms of contributions and generally lives well: according to the results of 2019, it came out on the third place in collecting insurance premiums (108.3 billion rubles).
3. SOGAZ
Rating: ruAAA
Although SOGAZ does not conduct statistics separately for compulsory motor liability insurance, an indirect idea of the development of this area in the company’s activities can be obtained by looking at the results of collected premiums for insurance, which is not life insurance.
The share of non-life insurance in the subsidiary of Gazprom is the highest: last year it amounted to 22%, which significantly exceeds the performance of its closest rivals - AlfaStrakhovanie (11.2%) and Ingosstrakh (8.8%) .
However, in reality, everything turns out to be not so rosy for clients. SOGAZ has a very low ratio of the number of regulated claims to those declared under OSAGO. In 2019, it amounted to more than half (50.7%) of all cases.
2. Ingosstrakh
Rating: ruAAA
In second place among the best OSAGO insurers in Russia is the oldest insurance company in the Russian Federation. She is the direct heiress of the General Directorate of Foreign Insurance of the USSR, created immediately after the Second World War.
Despite more than half a century of history, Ingosstrakh has managed to adapt to changing conditions. At the moment, it is one of the most active insurance companies, leading both in premium collection and media mentions. According to the latest indicator, Inosstrakh in 2019 bypassed only Alfa Insurance.
Ingosstrakh pays special attention to the motor hull, which accounted for more than a quarter of insurance premiums over the past year. And, although most of the contributions (more than half) were collected in a giant metropolis - Moscow, however, the company is also represented in other regions of Russia. There are more than 83 of them.
1. VTB Insurance
Rating: ruAAA
In the first place among the most reliable OSAGO suppliers, the Expert RA agency delivered VTB Insurance. This is one of the subsidiaries of VTB Group, which has long been one of the leaders in the number of premiums collected.
Why was"? Because in March last year, the company was acquired by the SOGAZ JSC, already mentioned in the rating, and is currently undergoing a takeover (or integration, in scientific terms) process.
Some doubts about the insurance future of the company are caused by the fact that one of the main factors for assigning the VTB Insurance AAA rating was the partner bank of the insurer - VTB Bank. And the main shareholder of VTB Bank is the government of the Russian Federation.
We add that “reliable” and “financially stable” are not always synonymous with “customer friendly”. VTB Insurance has one of the highest denial of insurance claims. Over the past year, the company underpaid nearly a quarter of its customers for accidents and illnesses and 8% of motor hull insurance. Most unlucky were the citizens who insured their property at VTB. Exactly one third of them did not receive insurance payments.
