The average payment for compulsory civil liability insurance in Russia exceeded 116 thousand rubles

Total payments under compulsory motor insurance contracts for 9 months of 2024 increased by 15% year-on-year and amounted to 141.6 billion rubles (123.4 billion rubles in 2023). The average payment in the January-September period was 98.9 thousand rubles, compared to 87.2 thousand rubles in the three quarters of 2023.

The average cost of an insurance policy in September 2024 was 7,684 rubles, which is 3.3% less than the average premium in September 2023. According to the results of nine months, the cost of compulsory automobile civil liability insurance also decreased by 1.7%, to 7,659 rubles.

The RSA explained that the amount of payments is pressured by expensive spare parts, logistical difficulties and international payments. At the same time, the average cost of policies is decreasing due to competition among insurance companies for balanced drivers. The insurance union also notes an increase in MTPL contracts for a short period, up to three months.

The RSA also clarified that the number of contracts concluded in nine months amounted to 32.3 million, 5% more than in the same period last year. MTPL premiums collected during this period reached 245.1 billion rubles (an increase of 3%).

• There are much fewer regions where there are higher risks of fraud in compulsory motor third party liability insurance. If last year there were 10, now there are only 4 left. The republics of Ingushetia and Dagestan, the Chechen Republic and the Novosibirsk region remained in the “red” zone.
• In September, the Central Bank announced plans to change the limits of the tariff corridor for mandatory automobile third-party liability insurance. It was proposed to increase the rate by 11.57% in both directions for public transport and 20% for motorcycles and trucks.