AK&M Rating Agency prepared a loyalty ranking of Russia’s leading insurance companies in 2012.

Our comparative analysis of the insurers was based on the Federal Financial Markets Service’s official statistics. For ranking purposes, the total amount of insurance premiums, the number of agreed insured events and the number of refusals of insurance payments were considered as the initial performance indicators of the insurance companies.

The insurance companies ranked were pre-divided into groups depending on the amounts of insurance benefits paid: major (more than RUB 10 billion); large (RUB 1 billion to RUB 10 billion); mid-sized (RUB 200 million to RUB 1 billion), and small (less than RUB 200 million).

In the ‘major insurance companies’ group comprising the 10 leaders of Russia’s insurance market, VSK enjoys the top position, mainly due to the low percentage of insurance payment refusals* (about 2.4%) in the vehicle insurance segment, the backbone of its insurance portfolio (more than 75% of payments). Renaissance Insurance Group stands second with lower loyalty indices* in the segments of comprehensive automobile insurance and voluntary insurance of legal entities’ miscellaneous assets. INGOSSTRAKH leading in the total amount of payments across the types of insurance services monitored in 2012 rounds out the Top 3. The high percentage of refusals (more than 18%) in the segment of voluntary insurance of legal entities’ miscellaneous assets (loyalty index being 0.23, one of the lowest in the group) prevented the insurance company from reaching a higher position on the ranking. It should be spotlighted that the three leaders achieved the highest loyalty indices in the voluntary health insurance segment, VSK and Renaissance Insurance never refusing insurance benefits in this segment at all. Among other insurance companies in the Top 10, AlfaStrakhovanie had the best loyalty indices in the compulsory motor TPL insurance segment (0.91), while SOGAZ took the lead in the comprehensive cover segment (0.71). However, the low share of these services in the companies’ insurance portfolios (17.0% and 6.1%, respectively) prevents them from moving up the total ranking.