The growth of the insurance market in the Russian Federation in the third quarter slowed down by more than 2 times

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AK&M 03 December 2021 17:44

The growth of the insurance market in the Russian Federation in the third quarter of 2021 slowed down by more than 2 times to 16.5% compared to the second quarter, when the effect of a low base was due to restrictive measures. At the same time, in all major segments, contributions for July-September 2021 were higher than last year, their total volume exceeded 461.9 billion rubles. This is reported in the materials of the Bank of Russia.

Credit life insurance remains the main driver of development due to the continued high demand for consumer and mortgage loans. Life insurance premiums of borrowers for the third quarter increased by almost a third to RUB 40.1 billion, accident and disease insurance - by 22% to RUB 67.8 billion.

Significant growth also occurred under the contracts of accumulative and investment life insurance. It was supported by the interest of citizens in alternative deposits to financial instruments and the active promotion of such programs through banks, the Central Bank emphasizes.

The car insurance market has also increased, largely due to the increase in the cost of the policy due to higher prices for cars and spare parts. The voluntary health insurance segment continued to recover, but its volume is still noticeably lower than the pre-crisis value.