STATISTICS: RUSSIA: local insurance market in Q1 increased by 19.3%

The market growth rates during the Q1 increased fourfold. GWP in the amount of RUB 377.4 billion exceeded by 19.3% the result of Q1 2017, when the growth rate amounted to 5.3%, according to the statistics published by the Central Bank of Russia.

Director for insurance and investment ratings at EXPERT RA Aleksey YANIN believes that it is rather difficult to forecast the whole year based only on Q1 result. However, life insurance is still the market driver (52.4% of the total growth). Among other active classes: insurance of other property of legal entities (+14%), accidents and diseases (+11.6%) and voluntary medical insurance (+6.5%). Motor insurance keeps dropping (- 4.6%). Total market paid claims in Q1 amounted to RUB 109.1 billion (- 11.7%), and in life insurance, by contrast, increased by 54.3%.

Life premiums grew by 53.6% mainly thanks to investment products. MTPL premiums dropped by 4.6% against dropping number of insurance agreements and average policy cost. Motor Hull was almost flat with a very slight decrease by 0.1%. Last year MTPL total loss amounted to RUB 15 billion. Due to that this year the regulator is planning expansion of the basic tariff corridor by 20% as a part of the sector's reform measures.





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