In the first quarter of 2018, Ingosstrakh increased the amount of premiums in the mortgage insurance segment by 57% to RUB 315.7 million, Ingosstrakh informed.
In particular, Ingosstrakh earned RUB 89.6 million in mortgage insurance premiums in Moscow (+51% year-on-year), RUB 32.9 million in St. Petersburg (+63% year-on-year).
The growth of demand for mortgage insurance programs resulted from the housing lending market growth. According to Russia's United Credit Bureau, the number of mortgage loans increased by 33%, their amount by 42% year-on-year in March 2018. Almost 100,000 mortgage loans for a total of more than RUB 197 billion were provided against 74,830 loans for a total amount of RUB 138 billion for the same period in 2017.
The average mortgage loan increased by 7% to RUB 1.98 million, the interest rates, according to the Central Bank of Russia, reached a historic low of 9.64% p.a. on average in March. This is 2.04% below what they were in March 2017.
"AK&M", 13.06.2018 13:58