Insurance market rises 13.3% in 2018 H1

In 2018 H1, the total amount of insurance premiums reached ?731.8 billion, or 13.3% more than in the same period of the previous year, according to the statistics published on the Bank of Russia website.

Life insurance and health and accident insurance demonstrated the best performance, increasing by 45.7% and 27.3% respectively. Premiums for voluntary medical insurance and motor own damage insurance were also higher by 6.1% and 3.1% respectively. OSAGO premiums, on the contrary, posted a decline of 1.7%.

Life insurance with the participation of the policy holder in the investment income of the insurer accounts for the largest share (67.2%) of total life insurance premiums. The average premium in this segment under agreements concluded in 2018 H1 is ?435.5 thousand. Five-year agreements were the most popular comprising 53.2% of investment life insurance premiums with one to five-year agreements accounting for 36.7% and agreements of over five years, 10.1% of premiums.

The number of concluded agreements grew slower than the amount of premiums: the aggregate number of contracts exceeded 94.5 million, having increased by 6.7%. Life insurance was also the leader among key insurance types demonstrating the highest growth rate of 24.5% while the number of OSAGO agreements declined by 5.1%. Total insurance payouts dipped 14% to ?235.8 billion. OSAGO payouts dropped 35.8% to ?66.5 billion.