Russia Property & Casualty Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Russia Property & Casualty Insurance Market Analysis
Despite the negative GDP dynamics due to the pandemic, the year 2020 is successful in terms of payment dynamics. The volume of the total premium increased by 3.9% for the year. However, the ongoing war is expected to have a significant impact on the overall economy as well as the insurance sector in the country.
Property and Casualty insurance segments such as insurance of land transport and insurance of property of legal entities showed positive growth for the year 2020. The segment of P&C insurance, such as insurance of the citizen's property, showed stagnation in premiums for the year. Though the premium remained the same, insurers consider personal property insurance as the most promising one unless it is affected by war. Development of real estate insurance as a result of the enactment of the Law on house insurance against emergencies and an increase in the number of people who own a home are the key growth point for the personal property segment. The personal property insurance market also has growth potential due to the development of new products such as Smart Home.
Similarly, The most promising area of property and casualty insurance in Russia is the modifications of Casco products (insurance "by subscription" reduced set of risks for used cars, and others).
Russia Property & Casualty Insurance Market Trends
This section covers the major market trends shaping the Russia Property & Casualty Insurance Market according to our research experts:
Motor Insurance had the Stagnant Performance due to Pandemic
In 2020, new car sales fell by 9.1% compared to the previous year. Despite this, due to an increase in the number of contracts, the volume of Casco (Voluntary Motor Insurance) fees increased by 3%. Restrictive measures against COVID-19 were the biggest limitation in Casco's development in 2020: In Q2 2020, new automobile sales declined by 46%, while car loans fell by 42%, compared to the same period in 2019. Similarly, CMTPL Motor insurance fees grow marginally due to an increase in the number of contracts.
Banks Represents the Largest Sales Channel for Insurance in Russia
Banks represent the largest sales channel for property and casualty insurance in Russia. Banks contributed 38% of the total volume of premiums in the Russian insurance market. In 2020, the premium received through the credit institution amounted to Rubles 34.7 billion. Similarly, direct insurance sales are the second-largest channel, followed by the agents. The restriction associated with the pandemic has provided an incentive for the development of online distribution channels. Various property and casualty insurance segments showed electronic sales' positive dynamics.
Russia Property & Casualty Insurance Industry Overview
The property and casualty insurance market in Russia is highly competitive. A large number of players are operating in the market to gain market share. However, the number of insurance companies in the country is decreasing. A total of 162 companies remained in the market (30 Life insurers and Health insurers). For 2020, four insurance companies left the market due to regulatory sanctions, and nine companies voluntarily refused licenses. There was no major merger and acquisition in the market due to uncertainty caused by the pandemic and war.
Russia Property & Casualty Insurance Market Leaders
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Rosgosstrakh Insurance Company
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Ingosstrakh Insurance Company
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AlfaStrakhovanie
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RESO Garantia
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Zurich Reliable Insurance
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Sberbank Insurance
*Disclaimer: Major Players sorted in no particular order
Russia Property & Casualty Insurance Market News
In January 2022, Ingosstrakh Insurance Company Purchased a Technology Low-Code Platform. The software suite includes monitoring, automatic documentation, and a cloud administration interface and is licensed to Ingosstrakh Insurance Company. The purchased platform includes all the tools needed for service creation and integration, allowing the organization to produce goods and divide jobs more effectively across specialists.
In March 2022, VSK Insurance launched the Telegram channel "Nearby" and a smart bot for solving insurance issues. The main aim of the channel is to be closer to the customer. A VSK smart bot connected to the channel will help in solving any insurance issue: from making changes to the policy to calculating and issuing insurance coverage.
Russia Property & Casualty 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 INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.3 Market Restraints
4.4 Insight on Technologial Adoption in the Market
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insight on Various Government Regulations in the Market
4.7 Impact of Covid 19 on market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Motor Insurance
5.1.2 Personal Property Insurance
5.1.3 Property Insurance of Legal Entities
5.1.4 Other P&C
5.2 By Distribution Channel
5.2.1 Direct Sales
5.2.2 Agents
5.2.3 Brokers
5.2.4 Banks
5.2.5 Online
5.2.6 Other Distribution Channel
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Rosgosstrakh Insurance Company
6.1.2 Ingosstrakh Insurance Company
6.1.3 AlfaStrakhovanie
6.1.4 RESO Garantia
6.1.5 Zurich Reliable Insurance
6.1.6 Sberbank Insurance
6.1.7 VSK Insurance
6.1.8 Sogaz Insurance
6.1.9 VTB Insurance
6.1.10 Soglaise Insurance*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Russia Property & Casualty Insurance Industry Segmentation
Property and Casualty Insurance is the type of coverage that protects the policy holder's things and property such as home, car, and other belongings. It also includes liability coverage which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property. This report aims to provide a detailed analysis of the Property and Casualty insurance market in Russia. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights into various product types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in Russia. Property and Casualty Insurance in Russia can be segmented by Product Type (Motor Insurance, Personal Property Insurance, Property Insurance of Legal Entities, and Other P&C) and Distribution Channel (Direct Sales, Agent, Brokers, Banks, Online, and Others)
| By Product Type | |
| Motor Insurance | |
| Personal Property Insurance | |
| Property Insurance of Legal Entities | |
| Other P&C |
| By Distribution Channel | |
| Direct Sales | |
| Agents | |
| Brokers | |
| Banks | |
| Online | |
| Other Distribution Channel |
Russia Property & Casualty Insurance Market Research FAQs
What is the current Russia Property & Casualty Insurance Market size?
The Russia Property & Casualty Insurance Market is projected to register a CAGR of less than 3% during the forecast period (2024-2029)
Who are the key players in Russia Property & Casualty Insurance Market?
Rosgosstrakh Insurance Company, Ingosstrakh Insurance Company, AlfaStrakhovanie, RESO Garantia, Zurich Reliable Insurance and Sberbank Insurance are the major companies operating in the Russia Property & Casualty Insurance Market.
What years does this Russia Property & Casualty Insurance Market cover?
The report covers the Russia Property & Casualty Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Russia Property & Casualty Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Russia Property & Casualty Insurance Industry Report
Statistics for the 2024 Russia Property & Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Russia Property & Casualty Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
