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Russian life insurers expect record payments by the end of the year

Life insurers' payouts will be a record in the history of the insurance market in 2023, they will exceed 400 billion rubles, such a forecast has been made by the head of LIC Capital Life Eugeny Gurevich at the press conference of the All-Russian Union of Insurers (ARIA), Finmarket news agency writes.
Russian life insurers expect record payments by the end of the year

The results of the first quarter of 2023 prove that “the market has been through a difficult turbulent period, has recovered, and now we will see how it will develop,” Gurevich noted. According to him, endowment life insurance (ULI) is an undisputed segment driver; the share of this type in the volume of premiums forms 44%, the increase in premiums is over 72%. According to the results of the 1st quarter of the year, the share of endowment fees in the portfolio of contracts of his company exceeded 65%. However, the market fees for investment life insurance (ILI), a type that was actively developing for the last 5-7 years, increased by only 7% in the observed period. “This year we will be seeing an increase in sales of classic endowment policies with regular premiums, which will gradually begin to push out endowment with single premiums,” Gurevich believes.

ARIA Vice President Viktor Dubrovin has noted during the press conference that the largest life insurers “show good growth in fees in the first quarter of the year, which means that they all have adapted to their segments or business models.”

According to Vladimir Chernikov, CEO of Ingosstrakh-Life, the company's fees on endowment for the period increased by 128% from the level of the 1st Q 2022 and by 204% from the level for the same period of 2021. “So far, the contracts with a single premium dominate in the total volume of endowment contracts, but we see a trend towards expanding the share of endowment contracts with regular premiums, Chernikov said. – Endowment is a long-term policy with a guaranteed return and ability to diversify the risks of its financial instruments for many years, this is the advantage.”

Source: https://rsport.ria.ru/20230516/grechka-1872235131.html   

Photos are from open sources.

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