A differentiat approach has been appli to the assessment of regulatory capital in voluntary life insurance since January 5, 2025. According to the Central Bank, this approach allows for a more accurate calculation when assessing insurance risk. In 2025, this practice is expect to be extend to other segments of the insurance market. Ilya netherlands telegram data Smirnov, Director of the Insurance Market Department of the Bank of Russia, talks about these and other innovations and regulatory practices that await the insurance business this year and in the near future.
Insurance risk in life insurance
— How do you generally assess the results of 2024 in the Russian insurance market? What are the main trends?
— For the insurance market, 2024 was quite stable. Companies develop customer service, improv the quality of services, and overall the sector successfully cop with its main task of providing citizens and businesses with insurance coverage.
The total amount of insurance premiums
in 2024 amount to about 3.7 trillion rubles, which is 63% more than the year before. The main influence on the don’t close old loan accounts market growth was exert by savings (NSZh) and investment (ISZh) life insurance, for which the volume of short-term contracts increas. According agb directory to the results of 2024 , the net profit of the insurance market increas by almost a third, the total value of insurers’ assets increas by almost 20% and their capital by about 16%.
