Insurers expect market growth in 2023 – Kommersant

The insurance market may grow by 5-10% by the end of 2023, according to the majority of insurers, follows from the data of a survey conducted by Expert RA. Growth drivers will be Casco (growth by 5–10%) and OSAGO (growth by 15–20%), as well as accident and illness insurance with an increase in premium collection by 10–15%. VHI and property insurance for legal entities and individuals will show an increase of up to 5% by the end of 2023.

According to the Central Bank, in 2022 the volume of collected premiums remained almost unchanged and amounted to 1.8 trillion rubles. Payments under insurance contracts increased by 12.1% to RUB 893 billion.

“We generally agree with the results of the survey, but we believe that, most likely, the market dynamics will be slightly higher,” emphasizes Alexei Yanin, managing director for ratings of insurance and investment companies at Expert RA. According to him, the main driver of the OSAGO market was the increase in tariffs, in the auto hull segment – both the growth of tariffs and the recovery of the car market as a result of the active growth in sales of Chinese cars. Growth in segments of VHI and property insurance of individuals remains at the level of inflation.

Julia Poslavskaya