The increase in sales of new cars in Russia has led to an increase in the demand for CASCO policies. According to the commentary of the company socialbites.ca, in the first 9 months of 2023 Rosgosstrakh’s fees for such insurance increased by 55%.
According to Autostat, 65% more cars were sold in Russia in the 11 months of last year compared to the same period in 2022. Lada and Chinese car models became the sales leaders. There was also an increase in second-hand car sales.
The expert stated that the increase in demand for CASCO was affected by the shortage of spare parts and the increase in their prices. “Buyers are increasingly realizing the value of a voluntary auto insurance product when the company takes on the burden of repairs and finding parts,” said Dmitry Usanov, director of the underwriting department of motor insurance in Rosgosstrakh.
The company believes that the effect of the market saturation factor regarding new cars will weaken somewhat in 2024. However, more active use of the franchise will help maintain CASCO prices. According to the company’s estimates, second-hand car policy sales could increase by 30%.
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