The insurance market may grow by 5-8% in 2022 if macroeconomic stability is maintained and recovery growth continues, the head of the All-Russian Union of Insurers Igor Yurgens said in an interview with Izvestia.
“2021 has become a record year over the past eight years in terms of fees, innovations that have taken place on the market, and the modernization of the insurance itself. The main growth by the end of the year will be shown by life insurance and policies against accidents and diseases. Double-digit premium growth rates are also expected for VHI and CASCO. The amount of premiums collected by insurers in 2021 will exceed 1.8 trillion rubles, and about 500 billion rubles will be spent on life insurance, ”said the head of ARIA.
In 2021, the main trends were the development of IT-related products, including policies against cyber risks, as well as mass access to marketplaces. Russians can already buy OSAGO insurance there, and soon they will have the opportunity to purchase outbound tourism coverage, as well as VHI. Use-based insurance and a number of others also began to develop from new products.
In the new year, the market will actively expand subscription insurance, as well as coverage of environmental risks, the head of ARIA expects. The introduction of total environmental insurance has not yet been discussed, but a number of industries must do this in accordance with the principles of ESG (Environmental, Social and Corporate Governance), which become the rules for service providers around the world.
More details in an exclusive interview with Izvestia:
“New regulation on compulsory motor third party liability insurance can increase the price of the policy up to 60%”
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
