The GWP of credit health insurance in the first half of 2018 amounted to RUB 42 billion (~EUR 0.57 billion), which accounts for 19% of all life insurance premiums. Of that amount, about RUB 10 billion (~EUR 0.14 billion) were generated by accident and illness insurance, reported ASN portal.
According to ARIA (the All-Russian Insurance Association) “accident and illness insurance of life insurers in Russia is related only to credit and mortgage cases, while in many other countries this type of insurance is one of the main business lines. Accident and illness insurance is also provided by all-lines insurers, but as of now their premiums haven’t been included into the data”, explained the Chairman of ARIA’s committee on life insurance development, Maksim CHERNIN.
Based on the Central Bank data, in 2017 total premiums of accident insurance for the first half of the year (life and non-life) amounted to RUB 55 billion (~EUR 0.81 billion), of theTOP-5 in that class were all-lines insurers with over 50% share. 1H 2018 data of all-lines insurers GWP hasn’t been published yet, but CHERNIN believes that this segment will continue to grow based on a strong growth trend in the retail lending market (in the first 6 months this market went up by 19.2%).
The insurance penetration degree in Russia at the moment is still low and far from that in European countries: life insurance in Russia for the first half year amounted only to 0.5% of GDP, while in Eastern Europe this figure is about 1.5%, and in Western Europe – around 5-8%, said ASN.