Changes in life insurance market structure: 2022 results
Download → Review of Key Indicators of Insurers（In Russian）
Premiums in the segment of non-credit life insurance, namely investment and endowment insurance, remained nearly the same, totalling 366.2 billion rubles. However, premiums in investment life insurance (ILI) that had been driving growth in the entire insurance industry for many years decreased almost twofold to 118.3 billion rubles, which was due to a reduction in supply by market participants. In contrast, premiums in endowment life insurance (ELI) surged by nearly 60% to 247.9 billion rubles.
The transfer of funds to ELI was largely associated with active sales in this segment and the specifics of this insurance type. In particular, ELI programmes more frequently assumed lump-sum premiums and predetermined fixed returns. Insurers offered policies to their clients effective for shorter periods, from 3 months to 2 years, as compared to conventional life insurance programmes.
Last year, the Bank of Russia implemented additional measures to protect ILI and ELI consumers' interests. Specifically, the regulator extended the cooling-off period (from 14 to 30 days), limited the list of possible exceptions from insurance coverage, and introduced the requirement for pre-contractual disclosure of information on historical returns and minimum coverage for mortality and longevity risks.
Overall, insurance premiums edged up by 0.5% to 1.8 trillion rubles. Payments increased by 12.1%, with the upward trend recorded in all main types of insurance.
More details on the insurance market in 2022 are available in the Review of Key Indicators of Insurers.
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