In 2021, the market development will be even, based on the structure of the insurance portfolio over the past three years, and GWP increase can range from 5% to 10%.

At the same time, segments of life insurance, MTPL, accident insurance, voluntary health insurance and Motor Hull will continue to lead in terms of GWP volume, the All-Russian Insurance Association (ARIA) forecasts.

Redistribution of the investment activity of citizens will support growth of accumulative and investment life insurance programs. State support for mortgage lending and high volumes of loans issued to the population will contribute to positive dynamics of credit insurance (accident insurance and life insurance of borrowers). Restrictive measures and unstable economic situation will continue to put pressure on the voluntary health insurance market. Motor Hull is likely to remain at the level of the previous two years, while MTPL may grow slightly due to an increase in the number of contracts.

"In general, the results of the crisis year 2020 have shown that insurers are able to cope with difficulties and quickly adapt to the new reality. It was in 2020 that the main efforts and resources were aimed at developing the digitalization of the insurance market. We expect that the safety margin, formed in 2020, will allow us to go through the difficulties in the coming 2021", said Igor YURGENS, President of ARIA.