Russia Life & Non-life Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Russian Insurance Companies and it is segmented by Insurance Type (Life Insurance (Individual and Group), Non-Life Insurance (Motor, Home, Marine, Health, and Other Non-Life Insurances)), and Distribution Channel (Direct, Agency, Banks, Online, and Other Distribution Channels). The report offers market size and forecasts for Russia Life and Non-Life Insurance Market in value (USD billion) for all the above segments.

Russia Life & Non-life Insurance Market Size

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Life Non-Life Insurance in Russia Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 4.00 %
Market Concentration Medium

Major Players

Life Non-Life Insurance in Russia Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Russia Life & Non-life Insurance Market Analysis

The Russian life and non-life insurance market is estimated at USD 24.5 billion in the current year and is poised to register a CAGR of greater than 4% during the forecast period. 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

This section covers the major market trends shaping the Russia Life & Non-life Insurance Market according to our research experts:

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.

Life Non-Life Insurance in Russia Market - Non-life Personal Accident and Health (PAH) Insurance Premiums, USD in Million, Russia, 2018-2021

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.

Life Non-Life Insurance in Russia Market - Cyber Insurance Premiums, USD in Million, Russia, 2018-2021

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

  1. Sogaz

  2. Sberbank life insurance

  3. AlfaStrakhovanie

  4. Ingosstrakh

  5. Rosgosstrakh

*Disclaimer: Major Players sorted in no particular order

Life Non-Life Insurance in Russia Market Concentration
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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. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitutes

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Impact of Technology and Innovation in the Market

    6. 4.6 Insights on Regulatory Landscape and Various Industry Policies Guiding The Market

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non- life Insurance

        1. 5.1.2.1 Motor

        2. 5.1.2.2 Home

        3. 5.1.2.3 Marine

        4. 5.1.2.4 Health

        5. 5.1.2.5 Rest of Non-Life Insurance

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agents

      3. 5.2.3 Banks

      4. 5.2.4 Online

      5. 5.2.5 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concetration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Sogaz

      2. 6.2.2 Sberbank life insurance

      3. 6.2.3 Ingosstrakh

      4. 6.2.4 Rosgosstrakh

      5. 6.2.5 RNRC

      6. 6.2.6 AlfaStrakhovanie

      7. 6.2.7 Reso Garantia

      8. 6.2.8 VSK

      9. 6.2.9 Renaissance Insurance

      10. 6.2.10 Lexgarant

      11. 6.2.11 VTB insurance*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNTIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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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 (individual and group), non-life insurance (motor, home, marine, health, and other non-life insurances), and distribution channels (direct, agency, banks, online, and others). The report provides market size and forecasts in terms of value (USD billion) for the Russia life and non-life insurance markets.

By Type
Life Insurance
Individual
Group
Non- life Insurance
Motor
Home
Marine
Health
Rest of Non-Life Insurance
By Distribution Channel
Direct
Agents
Banks
Online
Other Distribution Channels
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Russia Life & Non-life Insurance Market Research FAQs

The Russia Life & Non-Life Insurance Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Sogaz, Sberbank life insurance, AlfaStrakhovanie, Ingosstrakh and Rosgosstrakh are the major companies operating in the Russia Life & Non-Life Insurance Market.

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.

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Russia Life & Non-life Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)