Insurance market resumes growth in Q1
Insurance premiums in 2023 Q1 totalled ₽548.4 billion, which is 21.2% more year-on-year.
Premiums increased in almost all main types of insurance, with the highest growth rates recorded in credit life and health insurance and endowment life insurance (ELI). In the former case, the rise was driven by higher credit activity, whereas the upward trend in ELI was associated with people’s higher demand for these insurance products (predominantly with lump-sum premiums and predetermined fixed returns) supported by the active promotion of such programmes by insurers.
The increase in insurance payments recorded in Q1 across almost all segments was comparable with the growth rate of premiums (+21.9%), reaching ₽245.4 billion.
More details on the situation in the market are available in the Review of Key Indicators of Insurers.