Russian insurance sector executives showed optimism for the voluntary medical insurance segment for 2021, with the expected loss ratio reducing from 86 percent in 2020 to 73 percent in 2021. The loss ratio was expected to increase slightly in the comprehensive car insurance segment, Casco.
Average expected loss ratio in the insurance market in Russia from 2018 to 2021, by segment
Characteristic
CMTPL
Voluntary medical insurance
Casco
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*An expected loss ratio is a way of determining how much money earned from premiums an insurer should set aside to pay for future claims.
**Forecast data.
The source clarified the following:
"CMTPL – compulsory motor third-party liability that is required under Russian Law and is aimed at protecting other people, vehicles, and property in the event of an accident that is caused by a policyholder."
"Casco – comprehensive car insurance where the policy covers risks associated with your own car, such as damage (including write-offs), vandalism, fire, falling objects (e.g. trees), natural disasters, and theft. The policy does not cover risks such as medical expenses, damage to another person’s car from a collision, or any damage to objects being transported in your car."
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KPMG. (July 29, 2021). Average expected loss ratio in the insurance market in Russia from 2018 to 2021, by segment [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/1087139/russia-average-expected-loss-ratio-in-insurance-market/
KPMG. "Average expected loss ratio in the insurance market in Russia from 2018 to 2021, by segment." Chart. July 29, 2021. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/1087139/russia-average-expected-loss-ratio-in-insurance-market/
KPMG. (2021). Average expected loss ratio in the insurance market in Russia from 2018 to 2021, by segment. Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/1087139/russia-average-expected-loss-ratio-in-insurance-market/
KPMG. "Average Expected Loss Ratio in The Insurance Market in Russia from 2018 to 2021, by Segment." Statista, Statista Inc., 29 Jul 2021, https://www.statista.com/statistics/1087139/russia-average-expected-loss-ratio-in-insurance-market/
KPMG, Average expected loss ratio in the insurance market in Russia from 2018 to 2021, by segment Statista, https://www.statista.com/statistics/1087139/russia-average-expected-loss-ratio-in-insurance-market/ (last visited September 01, 2024)
Average expected loss ratio in the insurance market in Russia from 2018 to 2021, by segment [Graph], KPMG, July 29, 2021. [Online]. Available: https://www.statista.com/statistics/1087139/russia-average-expected-loss-ratio-in-insurance-market/