Car drivers take out motor hull insurance more often: insurance market results for 2023
Demand for motor hull insurance rose in 2023: the number of policies sold to individuals increased by more than a third. As a result, every sixth car owner whose liability was insured under CMTPLI also purchased a motor hull insurance policy. A year ago, the ratio between the number of voluntary and mandatory policies was one to eight.
The growth in motor hull insurance fees was due to a sharp increase in the sales of new cars and the popularity of inexpensive car insurance programmes with limited risks and a franchise. In addition, car drivers insured used cars more often than before.
In the CMTPLI segment, insurance premiums increased by 18.8% to ₽324.4 billion, and the number of contracts went up by 3%.
In general, the insurance market grew by a quarter to ₽2.3 trillion in 2023. More details on the situation in the market are available in the Review of Key Indicators of Insurers.