Employers take out VMI for employees more frequently
In 2023 Q3, voluntary medical insurance (VMI) premiums exceeded ₽42 billion, having increased by 18% year-on-year. This was mainly due to employers who concluded almost three times more contracts. Thus, companies were trying to retain and attract employees amid staff shortages.
In general, in July—September 2023, the insurance market grew to ₽566 billion or by 18% year-on-year.
Besides VMI, the drivers were motor insurance and investment and endowment life insurance (ILI and ELI). Motor insurance payments increased due to sales of new vehicles. Owners of used vehicles also began to insure their vehicles more frequently in order to economise on repairs, as spare parts became more expensive. There was a higher appetite for ILI, as the Russian stock market was rising and people hoped to make larger profits on such insurance policies.
More details on the situation in the insurance market are available in the Review of Key Indicators of Insurers.