Market Trends of Russia Life & Non-Life Insurance Industry
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.
