Market Size of Russia Property & Casualty Insurance Industry
| 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 |
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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).
