Russia General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Russia General Insurance Market Overview

The gross written premium of the Russia general insurance market was RUB1.4 trillion ($21.0 billion) in 2022 and is expected to achieve a CAGR of more than 6% during 2023-2027. The Russia general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Russian general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.

Russia General Insurance Market Outlook, 2022-2027 (RUB Trillion)

Russia General Insurance Market Outlook, 2022-2027 (RUB Trillion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Russia’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2022) RUB1.4 trillion ($21.0 billion)
CAGR (2023-2027) >6%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·       Property

·       Motor

·       Liability

·       Financial Lines

·       MAT

·       Non-Life PA&H

·       Miscellaneous

Key Distribution Channels ·       Direct Marketing

·       E-Commerce

·       Insurance Brokers

·       Bancassurance

·       Agencies

·       Others

Leading Companies ·       Sogaz

·       Ingosstrakh

·       Alfa Strakhovanie

·       Reso-Garantia

·       Rosgosstrakh

·       Sberbank Insurance

Market Trends ·       Electric vehicles and micro mobility

·       Telemedicine

·       ESG

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Russia General Insurance Market Trends

Electric vehicles and micro mobility, telemedicine, and ESG are some of the market trends impacting the Russian general insurance sector.

The rising demand for EVs has encouraged many insurers in the country to consider including it in its motor insurance products. For instance, Alfa Strakhovanie was the first company to start providing insurance services in the electric scooter rental market in 2019. The company’s products are now available to customers of more than 15 Russian operators.

Furthermore, insurance policies providers are adopting digitalization to ease operations and provide online services to its customers. For instance, In March 2023, Alfa Strakhovanie started offering electronic OSAGO for legal entities on the Advanced Payment Solutions platform, an ecosystem of solutions for vehicle fleets. This platform will allow the policy to be sold conveniently and quickly.

Russia General Insurance Market Segmentation by Line of Business

The key lines of business in the Russia general insurance market are property, motor, liability, financial lines, MAT, non-life PA&H, and miscellaneous. Motor had the highest market share in the Russian general insurance market in 2022.

Motor and PA&H insurance were the two largest general insurance lines of business in 2022. MAT insurance and motor insurance recorded the highest growth rates in the year. Overall, the general insurance industry in Russia is expected to witness a slow growth in 2023 due to worsening economic conditions and the Russia and Ukraine war.

Russia General Insurance Market Analysis by Lines of Business, 2022 (%)

Russia General Insurance Market Analysis by Lines of Business, 2022 (%)

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Russia General Insurance Market Segmentation by Distribution Channel

The Russian general insurance distribution channels comprise of agencies, insurance brokers, direct marketing, e-commerce, and bancassurance among others. Agencies was the leading distribution channel in the segment in 2022, primarily because it was the preferred distribution channel for the retail consumer segment. Additionally, insurance brokers is anticipated to be the fastest-growing channel over 2023-2027.

Russia General Insurance Market Analysis by Distribution Channel, 2022 (%)

Russia General Insurance Market Analysis by Distribution Channel, 2022 (%)

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Russia General Insurance Market - Competitive Landscape

Some of the leading insurers in Russia are Sogaz, Ingosstrakh, Alfa Strakhovanie, Reso-Garantia, Rosgosstrakh, and Sberbank Insurance among others. Sogaz was the largest insurer in 2022, followed by Ingosstrakh and Alfa Strakhovanie. Most insurance companies experienced a huge decline in their financial performance in 2022 due to the Russia-Ukraine war. Smaller and less capitalized insurers are expected to consider mergers to stay afloat in the market. Also, many foreign groups such as Zurich, Generali, Allianz, Aegon, Chubb, and AIG sold their business and withdrew from the Russian market in 2022, amidst the ongoing conflict.

Russia General Insurance Market Analysis, by Companies, 2022 (%)

Russia General Insurance Market Analysis, by Companies, 2022 (%)

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Segments Covered in the Report

Russia General Insurance Market Lines of Business Outlook (Value, RUB Trillion, 2018-2027)

  • Property
  • Motor
  • Liability
  • Financial Lines
  • MAT
  • Non-Life PA&H
  • Miscellaneous
  • Others

Russia General Insurance Market Distribution Channel Outlook (Value, RUB Trillion, 2018-2027)

  • Agencies
  • Direct Marketing
  • E-Commerce
  • Bancassurance
  • Insurance Brokers

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in Russia.
  • Historical values for the Russian general insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top general insurance companies in Russia and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the Russian general insurance segment.
  • A comprehensive overview of the Russian economy, government initiatives, and investment opportunities.
  • The Russian insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • The Russian general insurance industry’s market structure gives details of lines of business.
  • The Russian general reinsurance business’ market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by the Russian general insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Russian general insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Russian general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Sogaz
Alfa Strakhovanie
Reso-Garantia
Ingosstrakh IPJSC
Rosgosstrakh
VSK Insurance House
Renaissance Group Insurance
Soglasie Insurance Company Limited

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Key Trends by Line of Business

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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