Market Size of Russia Life & Non-Life Insurance Industry
| 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 |
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 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.
| By Type | |||||||
| |||||||
|
| By Distribution Channel | |
| Direct | |
| Agents | |
| Banks | |
| Online | |
| Other Distribution Channels |
Russia Life & Non-Life Insurance Market Size Summary
The Russian life and non-life insurance market is poised for growth, driven by a recovery in health insurance and the increasing demand for cyber insurance. The market is segmented into personal insurance, which includes life, health, and medical insurance, and proprietary insurance, covering property, liability, and business risks. The COVID-19 pandemic initially impacted the industry, but optimism has returned, particularly in the voluntary medical insurance segment. Major players like SOGAZ, Sberbank Life Insurance, and Alfa Insurance dominate the market, leveraging technological advancements and service innovations to expand their reach. The demand for cyber insurance is expected to rise significantly, fueled by the sector's digitalization and the increasing prevalence of cyber threats, which have become a major concern for commercial enterprises in Russia.
The market landscape is characterized by a few key players holding significant market shares, yet there is a growing presence of both domestic and international companies seeking to capture new opportunities. The insurance sector in Russia is adapting to the evolving business environment, with companies like Sber Insurance and SOGAZ engaging in strategic partnerships to enhance their service offerings. These developments underscore the dynamic nature of the market, as it navigates challenges and capitalizes on emerging trends. The forecast period anticipates steady growth, reflecting the sector's resilience and the ongoing recovery from the pandemic's effects.
Russia Life & Non-Life Insurance Market Size - Table of Contents
-
1. MARKET DYNAMICS AND INSIGHTS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.3 Market Restraints
-
1.4 Industry Attractiveness - Porter's Five Forces Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitutes
-
1.4.5 Intensity of Competitive Rivalry
-
-
1.5 Impact of Technology and Innovation in the Market
-
1.6 Insights on Regulatory Landscape and Various Industry Policies Guiding The Market
-
1.7 Impact of COVID-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Life Insurance
-
2.1.1.1 Individual
-
2.1.1.2 Group
-
-
2.1.2 Non- life Insurance
-
2.1.2.1 Motor
-
2.1.2.2 Home
-
2.1.2.3 Marine
-
2.1.2.4 Health
-
2.1.2.5 Rest of Non-Life Insurance
-
-
-
2.2 By Distribution Channel
-
2.2.1 Direct
-
2.2.2 Agents
-
2.2.3 Banks
-
2.2.4 Online
-
2.2.5 Other Distribution Channels
-
-
Russia Life & Non-Life Insurance Market Size 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.
