Russian life insurers expect new opportunities for business development in 2024 after the adoption of the law on unit-linked life insurance. This bill is currently planned for consideration in the second reading in the State Duma in the near future; the document has been approved by the Bank of Russia and the Ministry of Finance.
According to the Bank of Russia, for the 1st HY 2023the total premiums of JSC Tinkoff Insurance increased by approximately 34%, compared to the level of the same period last year. The company specializes in accident and health insurance, 48% of fees in the portfolio come from this line of business, and motor insurance accounts for more than 45% of premiums. The fees under CMTPL contracts in the insurance company's portfolio amounted to 27% in the first half of 2023, for auto hull insurance - 18.2%, the share of fees for insurance of other property of individuals – 4.8%.
Source: https://www.interfax.ru/business/931300
Photos are from open sources.
