Russia Life & Non-life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 24.5 Billion |
| Market Size (2029) | USD 29.80 Billion |
| CAGR (2024 - 2029) | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Russia Life & Non-life Insurance Market Analysis
The Russia Life & Non-Life Insurance Market size in terms of premium value is expected to grow from USD 24.5 billion in 2024 to USD 29.80 billion by 2029, at a CAGR of 4% during the forecast period (2024-2029).
The COVID-19 pandemic affected the general insurance industry. Following a decrease in rates in 2020, mostly due to favorable performance in all business lines except health insurance, the Russian insurance sector executives showed optimism for the voluntary medical insurance segment for 2021, with the expected loss ratio reducing from 86% in 2020 to 73% in 2021. The loss ratio was expected to increase slightly in the CASCO segment.
Russian law provides for two basic types of insurance: personal insurance (such as life, health, and medical insurance) and proprietary insurance (insurance of property, liability insurance, and business risks insurance). Life insurance may not be combined with proprietary insurance, i.e., an insurer may offer either life, health, and medical insurance or health, medical, and proprietary insurance.
SOGAZ was the leading insurance company in Russia in 2021, earning nearly USD 6 billion in gross written premiums. Sberbank Life Insurance was ranked second with USD 2.6 billion, followed by Alfa Insurance with USD 2.46 billion.
Russia Life & Non-life Insurance Market Trends
Non-life Personal Accident and Health (PA&H) Insurance was the Largest Line of Business in Russia.
Many corporations gained from the business comeback, as health insurance reported a considerable recovery after witnessing a decline in 2020 and was expected to grow significantly over the next few years. Employers in Russia offer medical benefits to their employees through voluntary group medical insurance programs that include health insurance, outpatient treatment, hospitalization, transportation, and repatriation. The insured's family-spouse, children, and parents-is covered at an additional expense to the employee. These plans are funded by both the employer and the employees.
Increasing Demand for Cyber Insurance in Russia to Boost the Market
Cyber insurance demand in Russia is expected to accelerate significantly over the next decade. As Russia continues to wage war, it has seen tremendous growth over the past three years, with premiums totaling more than USD 7 billion globally in 2020. Specialty insurance typically covers business owners for financial losses from cyberattacks and hacking.
The country's need for a cybersecurity framework has been emphasized by the sector's digitalization and remote working arrangements in Russia. Cyber hazards surpassed traditional business risks to become the third most significant in 2020, likely accelerating demand for cyber insurance. Cyber insurance's primary customers were commercial companies such as financial services providers and those in the energy, trade, and industrial production sectors.
Russia Life & Non-life Insurance Industry Overview
The report covers prominent Russian life and non-life insurance market players. In terms of market share, a few major players currently dominate the market. However, with technological advancement and service innovation, domestic and international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players, including Sogaz, Sberbank life insurance, Ingosstrakh, Rosgosstrakh, and RNRC.
Russia Life & Non-life Insurance Market Leaders
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Sogaz
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Sberbank life insurance
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AlfaStrakhovanie
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Ingosstrakh
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Rosgosstrakh
*Disclaimer: Major Players sorted in no particular order
Russia Life & Non-life Insurance Market News
- May 26, 2022: Sber Insurance renewed Wildberries's truck freight insurance contract with an insured value of RUB 100 billion (USD 1.43 billion) and coverage of all risks in Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
- June 2, 2021: SOGAZ Insurance Group signed a cooperation agreement with the largest operator of railway container transportation in Russia, PJSC TransContainer. The agreement provides for establishing and developing a strategic business partnership in the field of creating an effective system of insurance protection in the course of the activities of PJSC TransContainer.
Russia Life & Non-life Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of Technology and Innovation in the Market
4.6 Insights on Regulatory Landscape and Various Industry Policies Guiding The Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Life Insurance
5.1.1.1 Individual
5.1.1.2 Group
5.1.2 Non- life Insurance
5.1.2.1 Motor
5.1.2.2 Home
5.1.2.3 Marine
5.1.2.4 Health
5.1.2.5 Rest of Non-Life Insurance
5.2 By Distribution Channel
5.2.1 Direct
5.2.2 Agents
5.2.3 Banks
5.2.4 Online
5.2.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 Sogaz
6.2.2 Sberbank life insurance
6.2.3 Ingosstrakh
6.2.4 Rosgosstrakh
6.2.5 RNRC
6.2.6 AlfaStrakhovanie
6.2.7 Reso Garantia
6.2.8 VSK
6.2.9 Renaissance Insurance
6.2.10 Lexgarant
6.2.11 VTB insurance*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Russia Life & Non-life Insurance Industry Segmentation
Life insurance provides a lump sum amount of the sum assured at the time of maturity or in the event of the policyholder's death. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset.
The Russia Life and Non-Life Insurance Market is divided into insurance types and distribution channels. By insurance types, the market is segmented by life (individual and group), non-life insurance (motor, home, marine, health, and other non-life insurances), and by distribution channels, the market is segmented by direct, agency, banks, online, and others. The report provides market size and forecasts in terms of value (USD) for the Russia life and non-life insurance markets.
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Russia Life & Non-life Insurance Market Research FAQs
How big is the Russia Life & Non-Life Insurance Market?
The Russia Life & Non-Life Insurance Market size is expected to reach USD 24.5 billion in 2024 and grow at a CAGR of 4% to reach USD 29.80 billion by 2029.
What is the current Russia Life & Non-Life Insurance Market size?
In 2024, the Russia Life & Non-Life Insurance Market size is expected to reach USD 24.5 billion.
Who are the key players in Russia Life & Non-Life Insurance Market?
Sogaz, Sberbank life insurance, AlfaStrakhovanie, Ingosstrakh and Rosgosstrakh are the major companies operating in the Russia Life & Non-Life Insurance Market.
What years does this Russia Life & Non-Life Insurance Market cover, and what was the market size in 2023?
In 2023, the Russia Life & Non-Life Insurance Market size was estimated at USD 23.52 billion. The report covers the Russia Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Russia Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Russia Life & Non-life Insurance Industry Report
Statistics for the 2024 Russia Life & Non-life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Russia Life & Non-life Insurance analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
