Life insurers’ collections increased by 52% in 2023, payments by 33% – Kommersant

Collections of Russian life insurers in 2023 amounted to 775.1 billion rubles. The indicator increased by 51.6% compared to the previous year. Payments amounted to 469.1 billion rubles. (+33.2%), Interfax reports Central Bank data. The level of payments was 60.5% versus 68.9% a year earlier.

Life insurance has become the driver of premium growth for the entire insurance market. Premium collections for investment life insurance increased by 75.7%, to 208 billion rubles, for accumulative life insurance – by 42.2%, to 352.4 billion rubles, for credit life insurance – by 50.9%, to RUB 205 billion In the structure of life insurance premiums, 45.5% was accounted for by accumulative insurance, 26.8% by investment insurance, and 26.4% by credit insurance.

In 2023, 5.2 million life insurance contracts were concluded, an increase of 1% over the year. 74.3% of all life insurance contracts were credit insurance versus 81% a year earlier. The average cost of one policy was 148.5 thousand rubles. (+50%).

Insurers reported 1.9 million insured events (+11.2%). 1.4 million of them were finally paid (+10.2%). The number of refusals was about 115 thousand (-0.1%). The average payment is 256.6 thousand rubles. (+27.9%).

About forecasts for the insurance market – in the material “Kommersant” “The insurance market is slowing down”.

Leonid Uvarchev