Life insurance will increase by about 10% in 2022. At the same time, growth rates will be under pressure due to expected regulatory innovations. In non-life insurance an increase of 10% is expected by the end of the year, and inflation will be of decisive importance, NCR agency believes.
MTPL will grow by 5% against the rising inflation and return of the number of insured events to the level of 2019. Expansion of the tariff corridor, which came into force beginning of 2022, will contribute to more adequate risk assessment by insurers on the way to individualization of tariffs, the agency's analysts believe.
Growth in Motor Hull will continue at a more moderate pace (+9%). This will be supported by an increase in the cost of vehicles due to a shortage of supply, negative factors will be an increase in the share of franchised insurance products and high competition.
Voluntary health insurance will expand 12% in 2022. This segment will be supported by growing attention of employers to protecting health of their employees. The growth rate in accident insurance will more than double, to 15%, which will be associated with some cooling in the retail lending segment, NCR explained.
Full NCR insurance forecast can be found here.
*EUR 1 = RUB 86.56 (as of Feb 1, 2022)
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