Russian update

The Russian insurance market resumed growth in the second quarter of 2002, after plateauing the previous three quarters. Total premiums in the first half of the year reached R153.2bn (US$4.94bn), up 18.9% over the same period in 2001, according to the Russian Finance Ministry’s insurance department. However, on a quarterly basis, the numbers were not as positive. Total premiums grew to R79bn, an increase of about 6.7% compared to an increase of 74.1% during the first quarter of 2002. First-quarter premiums had dipped about 0.5% from the fourth quarter of 2001.