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Russian insurance market growth will accelerate

Russian insurance market 2022 outlook

  • In 2018, the Russian insurance market will grow up by 10.5%. In the medium term, we expect the annual growth rate to accelerate to 11–14%. In our opinion, the insurance market will continue to outstrip the GDP growth rate by 4–8% (in 2017: by 1.7%).
  • In the life insurance segment, insurance premium growth rate will go down to 29%. After the boom of 2016–2017, when insurance premiums surged by more than 2.5 times, ACRA expects a significant correction in their growth rate. Our base scenario assumes that the interest to investment life insurance (ILI) will remain but, because the insurance premium is generally paid at the beginning of insurance period of 3–5 years, it will be impossible to maintain the growth rates.
  • On the backdrop of the expected recovery in demand for cars, the auto hull segment may resume its growth in 2018. The segment's dynamics is dominated largely by the downward trend in the average insurance premium that emerged in 2015. In our view, the average insurance…

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