In January to March 2024, insurance premiums totaled ₽578.4 billion, marking a 5.5% increase year-on-year.
Car insurance was one of the drivers of insurance market growth in the first quarter of 2024. Comprehensive car insurance premiums grew by 22.2%. This rise was attributed to an increase in sales of new cars, including those purchased on credit, which often require insurance at a bank’s request. Additionally, there was heightened demand for inexpensive policies with limited coverage, particularly from owners of used vehicles.
CMTPLI payments increased more significantly than premiums—by 27.8% compared to 5.7%. This was mainly due to the rising prices for spare parts and components for repairs, which were gradually reflected in payments as insurers updated their data catalogues for CMTPLI reimbursements. The price growth affected both policy costs and premium amounts in the first quarter of 2023. Another factor contributing to the increase in payment amounts was a higher number of losses.
Overall, the amount of insurance payments rose by 10.9% to ₽272 billion.
More details on the market situation are available in the Review of Key Indicators of Insurers for Q1 2024.
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