Insurers Report Sharp Drop in 2022 Losses and Ongoing Fraud Risks
During the first nine months of 2022, Russian insurers reported a notable reduction in losses to law enforcement authorities, declining by about one third from the same period a year earlier, according to data from the All-Russian Union of Insurers (VSU). This trend follows intensified anti-fraud efforts and tighter oversight across the insurance sector. [Citation: All-Russian Union of Insurers]
Data compiled by the Supreme Insurance Council show that claims related to fraud amounted to 2.5 billion rubles in January–September 2022. By comparison, the same period in 2021 saw about 3.7 billion rubles in losses. This shift highlights a stabilization in fraud-related claims, though the total figures still reflect significant financial exposure for insurers and their policyholders. [Citation: Supreme Insurance Council]
Breaking down the damage by line of business, nearly half of the total losses in 2022 originated from compulsory motor third party liability insurance (MTPL), which accounted for around 1.2 billion rubles. Policies under CASCO registered about 553 million rubles in losses, while property and liability lines together amounted to approximately 459 million rubles. These figures illustrate where fraud risks cluster and how different product lines respond to enforcement and risk controls. [Citation: VSU]
Igor Fatyanov, who chairs the anti-fraud committee at the All-Russian Union of Insurers, noted that roughly 1,000 fraud-related applications from insurers are submitted to law enforcement agencies each quarter. This ongoing workflow reflects a concerted effort to disrupt schemes and speed up investigations, even as cases continue to surface across regions. [Citation: VSU]
Recent developments in Moscow show a sustained push against fraud involving insurance payments. In late August, a verdict was handed down to a group of lawyers suspected of orchestrating a fraud scheme worth about 100 million rubles. Such cases underscore the scale and persistence of schemes that exploit insurance products, and they illustrate the importance of robust verification processes and credible reporting channels for claims. [Citation: City court records]
On the consumer side, there is ongoing concern about the risk of acquiring counterfeit MTPL policies. Authorities urge buyers to exercise caution with policy purchases, verify issuers, and rely on recognized distributors to reduce exposure to fraudulent products. For more information, consumers are encouraged to consult official guidance and seek clarification from reputable insurers to ensure policy legitimacy. [Citation: Consumer protection agencies]
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