According to Renaissance Insurance Group, the number of mortgage insurance contracts in Russia in 2023 increased by 40.2% compared to the previous year. This was reported in a company statement. A copy is in the possession of socialbites.ca.
The largest increase in mortgage issuance was seen in December 2023, at 28.5% compared to the monthly average. Additionally, activation took place in August (+19.7%) and September (+18.1%).
“In 2023, approximately 71% of mortgage insurance contracts included protection of the borrower’s life and health from accidents, 58.9% covered real estate, and 1.5% included title insurance against loss of title to real estate, among other risks. This difference is explained by the fact that in the mortgage insurance contract for an apartment or house under construction, real estate protection is included only after completion of construction, and the life and health of the borrower is immediately insured,” said the director of the retail insurance underwriting department at Rönesans Sigorta.
The largest increase in mortgage demand was recorded in Tyumen (2.4 times), Krasnoyarsk (2.1 times) and Chelyabinsk (74%). Growth was 60% in Moscow and 40% in Yekaterinburg.
The highest fees for mortgage insurance contracts are in Moscow (49%), St. It took place in St. Petersburg (26%) and Kazan (12%). The minimum average cost of “mortgage” insurance last year was in Petrozavodsk (41% of the national average), Saransk (44%), Izhevsk (62%), Kazan (64%) and Tolyatti (66%).
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