Russia Life & Non-Life Insurance Market – Growth, Trends, COVID-19 Impact and Forecast (2022-2027)

Russia Life & Non-Life Insurance Market is segmented by Insurance Type (Life Insurance (Individual and Group), Non-Life Insurance (Motor, Home, Marine, and Other Non-Life Insurances)), and by Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels).

Market Snapshot

Life and Non-Life Insurance Market Russia
Study Period: 2018-2027
Base Year: 2021
CAGR: >4 %

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Market Overview

The COVID-19 epidemic has had an effect on the general insurance industry. Following a decrease in rates in 2020, it was mostly due to favorable performance in all business lines except health insurance. 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 Сasco 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, earned nearly USD 6 billion of Gross written premium. Sberbank Life Insurance was ranked second with USD 2.6 billion, followed by Alfa Insurance with USD 2.46 billion.

Scope of the report

Life insurance provides a lump sum amount of sum assured at the time of maturity or in case of death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. Russia life & non-life insurance market is segmented by insurance type (life insurance (individual and group), non-life insurance (motor, home, marine, and other non-life insurances)), and by distribution channel (direct, agency, banks, and other distribution channels).

By Type
Life insurance
Individual
Group
Non- life insurance
Motor
Home
Marine
Other insurance
By Distribution channel
Direct
Agents
Banks
Other Distribution Channels

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Key Market Trends

Non-life Personal Accident and Health (PA&H) Insurance was the Largest Line of Business in Russia.

Many corporates regained benefits with the business recovery as health insurance reported a considerable recovery after witnessed a decline in 2020, It is expected to grow significantly over the next few years. Employers in Russia offer medical benefits to their employees through voluntary group medical insurance programmes that include health insurance, outpatient treatment, hospitalisation transportation, and repatriation. The insured's family, including spouse, children, and parents, is covered at an additional expense to the employee. These plans are funded by both the employer and the employees.

Russia insurance market

Increasing Demand for Cyberinsurance in Russia Boost the Market

Cyberinsurance demand in Russia is expected to significantly accelerate over the next decade as Russia continues to wage war, it has seen tremendous growth over the past three years, with premiums totalling more than USD 7 billion globally in 2020. The 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 digitalization of the sector and remote working arrangements in Russia. Cyber hazards surpassed traditional business risks to become the third most significant in 2020, which is likely to dramatically accelerate demand for cyberinsurance. Cyberinsurance's primary customers were commercial companies such as financial services providers, as well as the energy, trade, and industrial production sectors.

Russia insurance market

Competitive Landscape

The report covers major players operating in Russia life & non-life insurance Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and service innovation, domestic to 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.

Recent Development

  • On May 26, 2022, Sber Insurance renewed Wildberries truck freight insurance contract with the insured value of RUB 100 bn and coverage of all risks in Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
  • On June 02, 2021, SOGAZ Insurance Group signed a cooperation agreement with the largest operator of railway container transportation in Russia, PJSC TransContainer. The agreement provides for the establishment and development of a strategic business partnership in the field of creating an effective system of insurance protection in the course of the activities of PJSC TransContainer.

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 Insights on Various Regulatory Landscape

    5. 4.5 Insights on impact of technology and innovation in the market

    6. 4.6 Industry Attractiveness - Porters' Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitutes

      5. 4.6.5 Intensity of Competitive Rivalry

    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 Other 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 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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Frequently Asked Questions

The Russia Life & Non-Life Insurance Market market is studied from 2018 - 2027.

The Russia Life & Non-Life Insurance Market is growing at a CAGR of >4% over the next 5 years.

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

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