In 1Q2024, the market amounted to RUB 578.4 billion (EUR 5.81 billion), which is 5.5% more y-o-y in local currency. At the same time in euros the market result was negative (-10.86%). The Central Bank notes in its review of key performance indicators of insurers that the growth of the market has slowed down from 21.2% in 1Q2023.

One of the growth drivers in the first quarter was motor insurance. The segment increased by 22.2%. This is due to an increase in sales of new cars, including car loans. There is also an increase in demand for low-cost, limited-risk policies, especially from owners of used vehicles.

Paid claims in MTPL rose more significantly than premiums: 27.8% vs 5.7%. This is all because the rise in price of spare parts and components for repairs is being manifested in paid claims gradually. Another reason for the increase in paid claims is the increase in the number of losses.

In 1Q2024, total paid claims on insurance contracts amounted to RUB 272 billion (EUR 2.73 billion), which is 10.9% more y-o-y in local currency.

Total insurers' assets in 1Q2024 increased to RUB 5.5 trillion. According to financial statements, total equity of insurers increased to RUB 1.4 trillion. The amount of insurance reserves increased to RUB 3.4 trillion, primarily thanks to reserves in non-life insurance.

In the first quarter of 2024, the net profit of Russian insurers decreased by 10.3% y-o-y, to RUB 99 billion. The decrease in profit is primarily due to deterioration in the results of investment activities - mainly due to a smaller positive revaluation of assets denominated in foreign currency against the backdrop of the ruble exchange rate stabilization in 1Q2024, while in 1Q2023 there was a significant weakening, the Central Bank added.

AlfaStrakhovanie-Life ranked first among insurers in terms of GWP, occupying 10.85% of the market and moving SOGAZ to second position. SBERBANK Life Insurance ranked third.

Access xprimm.com and download the latest Russian insurance market statistics for 1Q2024 in EUR and RUB.