Casco fees in Russia increased by 7.6% over the year

The fees of Russian insurers for hull insurance for 2022 increased by 7.6% compared to the level achieved a year earlier, to RUB 222.8 billion. This should from the “Overview of key performance indicators of insurers” of the Bank of Russia. The regulator explained this figure by an increase in the number of contracts.

“The growth of the market was facilitated by the expansion of the client base at the expense of both retail and corporate clients. At the same time, the increase in the number of concluded contracts occurred despite the decline in sales of new cars, ”the report of the Central Bank says.

First of all, such dynamics is due to the growth in sales of low-cost mini-casco programs, since car owners began to fear a shortage of insurance compensation for OSAGO against the backdrop of an increase in the price of spare parts. “Their desire to protect themselves from such risks contributed to increased demand for truncated auto hull insurance programs,” the Central Bank noted in the report.

At the rate Rosstat, on average, the cost of hull insurance policies increased by almost a quarter in 2022. For certain brands of cars, insurance has risen in price by one and a half to two times – market participants reported this to RBC. This trend is also associated with the increased cost of spare parts.

How much and why the cost of insurance policies has increased – in the publication “Kommersant” Casco covers its risks.

Anastasia Larina