The volume of the insurance market in the Russian Federation in the third quarter increased by 0.8%

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AK&M 08 December 2022 12:11

The volume of the insurance market in the third quarter of 2022 amounted to 465.7 billion rubles, an increase of 0.8% year-on-year. In the second quarter, the market fell by 5.6%. This is reported in the review of the Bank of Russia.

The main contribution to the improvement of dynamics was made by an increase in fees in the segments of NSZH, CTP, insurance of other property of legal entities, as well as car insurance.

Credit types of life and health insurance showed negative dynamics. The decline in the ICL segment continued, partly due to the flow of customer funds to the NCL.

In addition, there was stagnation in the VMI segment - largely as a result of a decrease in demand from individuals and the choice of lower-risk (hence cheaper) programs by corporate clients.

Payments under insurance contracts in the third quarter increased by 10.4% to 224.2 billion rubles. The Central Bank links the increase in payments with inflation (for example, in the auto insurance and VMI segments). The growth of payments was observed in almost all major insurance segments.