From January to September 2020, Motor Hull GWP grew in local currency by only 1.4%, to RUB 123.1 billion (~EUR 1.33 billion*), while the average premium decreased by 17.5% to RUB 29.4 thousand.

The number of concluded contracts increased by 22.8%. At the same time, paid claims in the segment almost did not change over the period (+0.28%, RUB 70.8 billion), as ASN reports based on the data of the Bank of Russia.

Some of the TOP-10 Motor Hull insurers shared their opinions about the segment - INGOSSTRAKH noted that the mentioned growth in Motor hull GWP is largely due to the growth in new car sales in the third quarter of 2020 and this will probably allow avoiding the worst forecasts in the segment at the end of the year (-20-25%). ROSGOSSTRAKH considers a slight increase in premiums and an increase in car loans to be temporary phenomena mainly due to changes in exchange rates. Representatives of AlfaStrakhovanie believe that this market has no actual growth, 60% is occupied by four leaders, and the consolidation trend will only intensify underpinned by the growth of digitalization, which implies significant costs for companies.

* at the following exchange rate:
EUR 1 = RUB 92.4302 (as of October 1, 2020)