RUSSIA: after three quarters of the year, life insurance continues to grow - by almost 25% y-o-y

16 November 2021 — Marina MAGNAVAL
The life insurance GWP from January to September 2021 continued to grow, having increased by 24.9% y-o-y, to RUB 399.7 billion (EUR 4.74 billion*), ASN informed with reference to the All-Russian Insurance Association (ARIA).

The segment's growth driver is credit life insurance, GWP in which grew by 51.9% to RUB 103.1 billion, while investment life insurance increased by 20.3% to RUB 158.3 billion, and accumulative life insurance - by 17.3% to RUB 110.6 billion.

At the same time, paid claims of life insurers for the period increased by 43.7% to RUB 213.7 billion, as reported by the President of ARIA Igor YURGENS. Paid claims in investment life insurance for the reporting period amounted to RUB 162.1 billion (+42%), and in accumulative insurance - increased by 58.5% to RUB 28.7 billion.

Total amount of the regulatory reserves of life insurers as of September 30, 2021 exceeded RUB 1.44 trillion.

"Even during the economic crisis caused by the coronavirus, life insurance continues to be a rapidly growing and developing market, which demonstrates the demand for these insurance products. I sincerely hope that the constructive dialogue built by insurers with the regulator will make these products more flexible and therefore more interesting and profitable for customers, and the market will not follow the path of excessive standardization", noted Igor YURGENS.

"The life insurance market maintains a positive development dynamics both in terms of GWP and building an effective sales quality control model. The introduction in the first quarter of 2021 of mandatory testing of potential customers, widespread use of a "welcome call", reminders, etc. testify not only to quantitative, but also to qualitative growth", commented ARIA Vice President Viktor DUBROVIN, speaking about the 9 months statistics.

ARIA collected and analyzed data from 23 insurance companies, which together represent almost 100% of the life insurance market.

* at the following exchange rate:

1 EUR = 84.3050 RUB (01.10.2021)

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