Insurance payments soar by 62.8% in 2024
Growth of the insurance market was provided by investment life insurance and endowment insurance.
Insurance premium payments surged by 62.8% as of the end of 2024 to 3.7 trillion rubles ($43.3 bln), the Bank of Russia said on its website.
"The insurance market increased by 62.8% to 3.7 trillion rubles in 2024, much above the economic growth. The ratio of insurance premiums to GDP ticked up by 0.6 percentage point to 1.9% in 2024," the regulator said.
Growth of the insurance market was provided by investment life insurance and endowment insurance. Other segments edged up by 2.8% in total to 1.8 trillion rubles ($21.1 bln).
Main drivers in other insurance types, except life insurance, were voluntary medical insurance, motor own damage insurance and corporate types of insurance.
Premiums dipped in credit life insurance and insurance against accidents and diseases. The drop was partly technical by nature and is explained by entering into such agreements in the voluntary medical insurance segment.
"Net profits of insurers surged by almost 1.5 times as of the year-end and amounted to 462.8 bln rubles ($5.4 bln)," the Bank of Russia said.
Source
Insurance premium payments surged by 62.8% as of the end of 2024 to 3.7 trillion rubles ($43.3 bln), the Bank of Russia said on its website.
"The insurance market increased by 62.8% to 3.7 trillion rubles in 2024, much above the economic growth. The ratio of insurance premiums to GDP ticked up by 0.6 percentage point to 1.9% in 2024," the regulator said.
Growth of the insurance market was provided by investment life insurance and endowment insurance. Other segments edged up by 2.8% in total to 1.8 trillion rubles ($21.1 bln).
Main drivers in other insurance types, except life insurance, were voluntary medical insurance, motor own damage insurance and corporate types of insurance.
Premiums dipped in credit life insurance and insurance against accidents and diseases. The drop was partly technical by nature and is explained by entering into such agreements in the voluntary medical insurance segment.
"Net profits of insurers surged by almost 1.5 times as of the year-end and amounted to 462.8 bln rubles ($5.4 bln)," the Bank of Russia said.
Source