27.02.2016, 01:57
Insurance Market 2015: Main Indicators
OREANDA-NEWS. Insurance market showed moderate annual growth of 3,3% and volume of insurance premiums exceeded one trillion rubles. The figures are included in Bank of Russia statistical report on insurance activities in 2015.
Positive trends in the market, in particular in compulsory insurance sector, were largely influenced by increased returns on OSAGO policy sales (44,2% increase) caused by changes in rates.
At the same time volumes of premiums on voluntary insurance contracts reduced by 4,2% during the year. The trends were accompanied by reduced insurance demand as a result of increased insurance policy prices and lower overall economic activity. The only exceptions were the life insurance sector (19,1% increase) and voluntary health insurance sector (3,6% increase). The most prominent decrease was seen in comprehensive vehicle insurance (14,6% decrease) and insurance of other property of legal entities (10,9% decrease).
Despite the market growth, the Bank of Russia states the decline in insurance services inclusion: the number of insurance contracts reduced by 10,3% over the year and the insurance premiums to GDP ratio amounted to 1,3%.
Overall insurance payouts were increasing faster than insurance premiums and reached the amount of 509,2 billion rubles (7,1% increase on the previous year) mostly because of the increase in OSAGO payouts.
The raise of 35,7% in OSAGO payouts was triggered by distributed influence of the higher property, life and health damage payouts, as well as increased car parts prices.
Positive trends in the market, in particular in compulsory insurance sector, were largely influenced by increased returns on OSAGO policy sales (44,2% increase) caused by changes in rates.
At the same time volumes of premiums on voluntary insurance contracts reduced by 4,2% during the year. The trends were accompanied by reduced insurance demand as a result of increased insurance policy prices and lower overall economic activity. The only exceptions were the life insurance sector (19,1% increase) and voluntary health insurance sector (3,6% increase). The most prominent decrease was seen in comprehensive vehicle insurance (14,6% decrease) and insurance of other property of legal entities (10,9% decrease).
Despite the market growth, the Bank of Russia states the decline in insurance services inclusion: the number of insurance contracts reduced by 10,3% over the year and the insurance premiums to GDP ratio amounted to 1,3%.
Overall insurance payouts were increasing faster than insurance premiums and reached the amount of 509,2 billion rubles (7,1% increase on the previous year) mostly because of the increase in OSAGO payouts.
The raise of 35,7% in OSAGO payouts was triggered by distributed influence of the higher property, life and health damage payouts, as well as increased car parts prices.
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