Main insurance trends in 2022 Q1: Bank of Russia’s review
Insurance premiums edged down by 1.6% over January—March, as compared to the same period last year, exceeding 452 billion rubles. These findings are given in the Review of Key Indicators of Insurers.
The dynamics of premiums varied across insurance types. Premiums in credit insurance declined considerably. Lower demand caused a slump in investment life insurance premiums by nearly a third. Contrastingly, endowment life insurance recorded a 20% rise.
Premiums in car insurance, including both comprehensive motor insurance and compulsory motor third party liability insurance, increased amid higher prices for new cars and spare parts. Concurrently, payments under these insurance policies trended upwards.
Voluntary medical insurance continued to grow, namely by 7% year-on-year, reaching 93 billion rubles. This was driven by the renewal of corporate contracts at the beginning of the year, as well as higher demand for affordable insurance products among individuals.