CMTPLI payments increase more than premiums: insurance market results for 2024 Q1
In January—March 2024, insurance premiums totalled ₽578.4 billion, gaining 5.5% year-on-year.
Car insurance was one of the drivers of insurance market growth in 2024 Q1. Comprehensive car insurance premiums grew by 22.2%. This was due to an increase in sales of new cars, including on credit, when a car should be insured at a bank’s request. In addition, there was a rise in demand for inexpensive policies with a limited set of risks, especially from owners of used vehicles.
CMTPLI payments increased more significantly than premiums — by 27.8% vs 5.7%. This was mainly associated with the fact that the increase in prices for spare parts and components for repairs gradually passed on to payments upon updating the data in the catalogues of spare parts (on their basis, insurers calculated CMTPLI reimbursements). This price growth impacted the cost of policies and the amount of premiums in 2023 Q1. Another reason for the growth in the amount of payments is the increased number of losses.
In general, the amount of insurance payments rose by 10.9% to ₽272 billion.
More details on the situation in the market are available in the Review of Key Indicators of Insurers for 2024 Q1.
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