Why look at ratings
An insurance policy is worth exactly as much as the insurer's ability to pay out on it in a month, a year or ten years. So when choosing a company, it pays to look not only at the price but also at its reliability. Ratings help with this — but only if you understand what they actually measure.
Types of ratings
Credit ratings
A credit rating is a rating agency's opinion of a company's ability to meet its financial obligations. In Russia, only agencies included in the Bank of Russia register may assign credit ratings. They include, in particular, ACRA, Expert RA, NKR and NRA. Ratings are assigned on the national scale for the Russian Federation.
How to read the scale:
- AAA — the highest reliability on the national scale;
- AA and A — high and moderately high reliability;
- BBB — the lower bound of the so-called investment grade;
- BB and below — elevated risk.
Pay attention to the outlook (stable, positive, negative) and to a "watch" status — they show which way the rating may move. Each agency writes the letters slightly differently, but the logic of the scales is similar.
Rankings by premiums and payouts
These are lists of companies by the volume of premiums collected and claims paid. They show size and market share, but not reliability: a large company may settle claims slowly, while a small one may do it soundly and quickly.
"People's" ratings and reviews
Customer feedback is useful for understanding service: how the call centre works, how quickly documents are accepted. But reviews are subjective, dissatisfied customers write more often, and some reviews may be paid for. Use them as an additional source, not the main one.
How to check an insurer yourself
- Licence. Find the company in the directory of financial market participants on the Bank of Russia website and make sure its licence covers the type of insurance you need.
- Credit rating. Check whether the company has a current rating from an agency in the Bank of Russia register and what its outlook is.
- Complaints. The Bank of Russia and the Financial Ombudsman publish statistics on consumer complaints about insurers — see how often people complain about the company relative to its size.
- Financial statements. Insurers must disclose their accounts. Sharp losses or a fall in equity are a warning sign.
- Claims network. Make sure there is an office or partners in your city to accept documents and carry out inspections.
What matters most for different types of insurance
| Type of insurance | What to look at first |
|---|---|
| OSAGO (compulsory motor third-party liability) | Speed and quality of claims settlement, repair shop network, complaints |
| KASKO (motor own-damage) | Claims service, partner repair shops, rating |
| Life insurance | Credit rating, financial strength for years ahead |
| Large business risks | Rating, reinsurance programme, industry experience |
How the rating relates to the price
There is no direct link. A highly rated company may offer a low price thanks to efficiency and a large portfolio, while a small insurer may raise its rate because of expensive reinsurance. But if an offer is noticeably cheaper than the market on equal terms, find out why: a narrow set of risks, a large deductible, strict exclusions or financial problems.
For short contracts — such as a two-week travel policy — the rating matters less than service and assistance. For contracts lasting years, especially life insurance, financial strength comes first.
What not to do
- choose an insurer solely on the lowest price — especially for long-term contracts;
- trust "ratings" that do not state their methodology and data sources;
- confuse a company's size with its reliability;
- ignore a negative outlook or a withdrawn rating.
Summary
A reliable choice draws on several sources: a valid licence, a credit rating from an agency in the Bank of Russia register, a moderate number of complaints and a clear claims service. You can compare companies in the catalogue of insurance companies and with the offer comparison tool. If an insurer does lose its licence, read what payment guarantees exist. Polis Re specialists will help you choose a company for your needs — send a request.