The main drop was observed in the types of insurance related to lending to individuals, as well as in the investment life insurance. At the same time, all key property types of insurance and MTPL grew, according to a review of key performance indicators of insurers prepared by the Central Bank.
Increased attractiveness of deposits due to growth in rates had a significant impact on the dynamics of premiums, largely contributing to a decrease in demand for investment life insurance. At the same time, the volume of loans issued decreased, which led to a decrease in the types of insurance related to lending. Also, an increase in the cost of cars and spare parts led to an increase in prices for policies.
Paid claims in the first quarter increased by 8.7% to RUB 201.34 billion. Growth in paid claims was observed in all key market segments.
According to the results of 1Q2022, profit of Russian insurers decreased by 3.7% to RUB 47.5 billion. At the same time, despite a slight decrease in profits, profitability remained high. Return on equity was 26.2%, return on assets was 5.9%. The total value of insurers' assets at the end of March 2022 was RUB 4.5 trillion (+4.7%), total capital of insurers - RUB 1.0 trillion (+1.6%). The decrease in profit was due to a decrease in the result of non-life insurance activities, against the backdrop of an increase in losses and expenses. The results from investment activities of insurers grew, mainly due to an increase in income minus expenses from foreign exchange operations.
The number of insurance organizations decreased to 146 at the end of March 2022. At the same time, concentration of the Russian insurance market has intensified. The share of the top 20 insurers in terms of premiums amounted to 88.2%.
Access xprimm.com and download the latest Russian insurance market statistics.
*1 EUR = 93.6960 RUB (March 31st, 2022).
3407 views
