Russian Experts Analysed Insurance Market Development in 2021

According to the forecasts of the All-Russian Union of Insurers, in 2021 the market will continue to develop evenly, based on the structure of the insurance portfolio over the past three years. The expected increase in total fees could be from 5% to 10%. Life insurance, compulsory motor third-party liability insurance, accident insurance, voluntary medical insurance and comprehensive insurance are expected to remain the leaders.  

According to experts, against the background of the redistribution of investment activity of citizens, the increase in fees for accumulative and investment life insurance programmes will continue. In connection with the extension of the programme of state support for mortgage lending and high indicators in terms of the volume of loans issued to the population, a positive trend in fees in the field of credit insurance is expected.

“On the whole, the results of the crisis year 2020 showed that insurers are able to cope with difficulties and quickly adapt to the new reality. It was in 2020 that the main efforts and resources were directed towards the development of digitalization of the insurance market. We expect that the margin of safety, formed in 2020, will allow us to go through difficulties in the upcoming 2021,” the President of the Union, Igor Yurgens, said.

It is noted that from January 1, 2021, new tariffs for compulsory liability insurance of owners of hazardous production facilities will come into force. For the first time, they introduced a tariff corridor for all HIFs and reduced the lower border of the corridor by 25%. Most likely, this will lead to a decrease in fees for this type of insurance by about 21%. Voluntary insurance of transport (casco) in 2021 is likely to remain in the range of indicators of the previous two years, and fees for compulsory motor third party liability insurance may slightly increase due to an increase in the number of contracts.

Ru-Main, 13.01.2021 

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *