OREANDA-NEWS. April 26, 2010. According to official state statistical monitoring form, premium income of Transsiberian Reinsurance Corporation, OJSC for the first quarter of 2010 amounted to RUR 116.6m (196.4m - for the same period in 2009, 197.3 – 2008).

Over the past years property reinsurance played significant role in Corporation’s portfolio and according to 1Q2010 results, it accounted for 80.7% (RUR 94.2m) of total premium income. Personal accident reinsurance premiums amounted to RUR 5.5m, or 4.7% of total premium income, liability reinsurance – RUR 16.2m or 13.8%, business and financial risks – 0.8m or 0.7%.

Total income was decreased because of lack of premiums from Kazakhstan which restricted requirements to ratings of foreign reinsurers. According to 2009 results, 35% of Transsiberian Re gross premiums came from Kazakhstan. One of the positive things is sharp decrease in retrocession contracts in the first quarter of 2010 – up to 14% of gross premiums (38% in 2009).

Transsiberian Re’s total claims paid for 1Q2010 made up RUR 53.6m, which is twice as law as the same period of the last year (RUR 114.6m). Pay-out ratio is 46% which is also lower than a year before (58.3%). 

As for the types of claims, as usual, property reinsurance takes the lead with 87.8% of total claims paid, liability – 7.5%, personal accident – 4.7%.

According to 1-C Form, out of total premium income in 1Q2010, premium written from Russian partners of Transsiberian Re made up 47.5% (1Q2009 – 53.7%). As for the paid claims, Russian partners account for 40.6% of total claims paid (71% in 1Q2009).

In the first quarter of 2010 Transsiberian Re concluded 986 reinsurance contracts (861 – 1Q2009, 995 – 1Q2008). Over the first three months the Corporation settled 252 insured events.