The Sverdlovsk region stands out as a top performer in the insurance sector.
Insurance Trends Across Russia's Middle Urals:
The citizens of the Middle Urals are showing a significant surge in interest in insurance matters. Compared to the same period last year, traffic to insurance company websites increased by a whopping 30% from January to April. This dramatic rise can be attributed to the surge in demand for travel and property insurance policies. Here's a closer look at the shifting insurance landscape in the region, based on recent findings by analysts from Ingosstrakh and Megafon.
From Moscow to Middle Urals:
In terms of interest in policy conditions and costs, the Middle Urals region has climbed the ranks to join the big leagues alongside established hubs such as Moscow, St. Petersburg, Samara, and Krasnodar. Men are leading the charge, accounting for an astounding 62% of all visitors to insurance websites. The most active group of insurance enthusiasts consists of residents aged 35-44 (40%), followed by those aged 45-54 (25%), and 25-34 (19%). It's worth noting that young people (14-24) and seniors (65+) show less interest in insurance with a 6% and 2% share, respectively.
Travelers, Abroad and Local:
Nationwide, policies for travelers going abroad saw a notable boost in the first quarter, with sales figures jumping by approximately 25%. Most travelers tend to opt for insurance policies with a duration of 8-15 days, which is typical for the average vacation length. With summer just around the corner, additional options such as insurance against accidents, insurance for their apartment, and luggage during the trip, insurance for personal belongings, and insurance in case of trip cancellations are also popular choices. The peak season for purchasing these policies tends to fall between March and October, with August witnessing the most activity.
Home Sweet Home:
Property insurance sales saw a 10% increase in the first three months of the year. These policies are primarily purchased before the summer season, between late April and May, and end in September-October.
Weekday Warriors and Weekend Slackers:
Dive into the world of consumer behavior, and you'll find that Russians are most likely to browse insurance offers on Wednesdays (20%), while they are least interested on Mondays (13%) and Sundays (14%). It’s also worth mentioning that smartphones continue to be the go-to device for accessing insurance company websites.
In terms of overall trends in the insurance market, the following points are worth considering: rapid digitalization, inflation, tightened underwriting standards, increased focus on AI and machine learning, and regulatory changes geared towards consumer protection. Keep these factors in mind while navigating the evolving Russian insurance landscape.
In the Middle Urals, the interest in insurance matters has risen significantly, placing the region alongside established hubs in terms of policy conditions and costs inquiry. Specifically, men account for a majority of visitors to insurance websites, with the most active group being residents aged 35-44.
The surge in demand for travel insurance policies nationwide resulted in a 25% increase in sales figures for travelers going abroad in the first quarter. Similarly, property insurance sales in the first three months of the year saw a 10% boost, primarily purchased before the summer season.
