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MIL OSI Translation. Region: Russian Federation –

Source: Central Bank of Russia – Central Bank of Russia –

Demand for motor insurance increased in 2023: the number of policies sold to citizens increased by more than a third. As a result, every sixth car owner whose liability was insured under MTPL also had their car insured under comprehensive insurance. A year earlier, the ratio of the number of voluntary to mandatory policies was one to eight.

The increase in auto hull insurance fees was driven by a sharp increase in sales of new cars and the popularity of inexpensive auto insurance programs with limited risk sets and deductibles. In addition, motorists increasingly insured used cars.

In the MTPL segment, premiums increased by 18.8%, to 324.4 billion rubles, and the number of contracts increased by 3%.

In general, the insurance market in 2023 grew by a quarter, to 2.3 trillion rubles. Read more about the market situation in“Review of key performance indicators of insurers”.

Preview photo: Scharfsinn / Shutterstock / Fotodom

Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

MIL OSI News (multilanguage service)