The volume of insurance premiums in 2024 increased by 62.8%, to 3.7 trillion rubles. The ratio of insurance premiums to GDP increased by 0.6 percentage points to 1.9%. This is reported in the materials of the Bank of Russia.
Almost all of the growth in the insurance market last year was provided by investment life insurance and cumulative life insurance, while the remaining segments collectively increased by 2.8% to RUB 1.8 trillion. In a segment other than life insurance, the main growth was in VMI, car insurance, and corporate types of insurance.
The largest decrease in premiums occurred in credit life insurance and accident and disease insurance through the banking channel due to the transition to collective insurance schemes, a reduction in the volume of loans to the public and the inclusion of insurance risk by banks in the loan agreement.
The volume of payments under insurance contracts in 2024 increased by more than 2 times to 2.1 trillion rubles. The main increase in payments in life insurance was accounted for by cumulative life insurance, and in insurance other than life insurance, for auto insurance and property insurance of legal entities.
