STATISTICS: Russia, 1H2017: Life insurance supports growth of the local market

The Russian insurance market grew, in GWP terms, by 9.5% compared to the similar period of 2016 and totaled RUB 645.97 billion in 1H2017, according to the data published by the Central Bank of Russia.

Life insurance business remained one of the key drivers for the positive insurance dynamics. In 1H2017 GWP of life insurers increased by 60%, to RUB 141.23 billion. The main driver of such growth was life insurance with an investment component, "due to the population's appetite for this type of insurance as an alternative to low interest rates on deposits", the Bank of Russia explained. Thus, the life insurance market share reached to almost 22% of the total GWP, thereby take over the first place (in terms of GWP) from the former leader - MTPL.

In the reporting period, non-life insurance remained practically at the same level: GWP increased only by 0.4% to RUB 373.06 billion. The negative dynamics has shown motor insurance line: by almost 7% decreased Motor Hull, while MTPL went down by 4%.

The dynamics of the number of concluded insurance contracts, in the first half of 2017, exceeded the rate of GWP growth: "due to the increase in the number of contracts for the types of insurance with low average premiums", regulator stated.

A comprehensive analysis of the Russian insurance market's performance in 1H2017 will be available in the forthcoming issue of the specialized publication "INSURANCE Profile Russia 1H2017", will be officially launched 22 October 2017, during the Baden-Baden XPRIMM Reception.

INSURANCE Profile Russia, co-produced by XPRIMM and Informational Group "Insurance Today", is one of the main channels of information about the insurance business environment with in Russia.

Access www.xprimm.com and download the 1H2017 Russian insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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