Market Size of Russia Life & Non-Life Insurance Industry
| 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
*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.
