Russia Life Insurance Market Size, Trends by Line of Business (General Annuity and Others), Distribution Channel, Competitive Landscape and Forecast, 2022-2026

Pages: 63 Published: August 22, 2022 Report Code: GDIS2539MR

The gross written premium of Russia life insurance industry was $7.3 billion in 2021. The market is expected to achieve a CAGR of more than 3% during 2021 to 2026. The Russia Life Insurance Industry research report provides in-depth market analysis, information, insights, and a detailed outlook by product category of the Russia life insurance segment. It also provides values for key performance indicators such as gross written premium, incurred loss, insurance penetration, and premium accepted and ceded during the review period and forecast period.

The Russia life insurance market report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Russia 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. The report includes details of insurance regulations and recent changes in the regulatory structure.

Russia Life Insurance Market Size, Trends by Line of Business

For more insights on this report, download a free report sample

Key Russia Life Insurance Industry Trends

Chatbots, video analytics, and artificial intelligence are popular insurtech sought by Russian insurers, in line with global trends. To support the digitalization of operation, in 2020 the Federation Council considered several bills on the development of the insurance market and the improvement of insurance legislation. Two bills under consideration in the State Duma include remote identification of the insurance agent and remote interaction between insurers and clients. This will streamline the activities of intermediaries online and reduce the risk of fraud.

Insurers are shifting towards online processing, including both web and app-based services. In Q1 2020, Sberbank expanded its online claims settlement process, including remote loss settlement for all lines of business. The insurer also started offering online documentation for new policies.

Key Lines of Business in the Russia Life Insurance Industry

The key lines of business in the Russia life insurance industry are whole life, endowment, term life, pension, other life insurance, and life PA&H.

Pension Insurance: Russia’s social security system comprises a three-tier pension system. Employers provide voluntary pension benefits to employees by taking voluntary pension insurance from insurance companies or participating in a pension fund. The government developed a draft law for the introduction of a voluntary Guaranteed Pension Product, wherein the government would assume part of the investment risk and would offer significant tax benefits to the insured.

Life PA&H: Life personal accident and health insurance mainly consists of compulsory insurance for employees of different government sectors and medical insurance covering participants of clinical trials.

Russia Life Insurance Industry Analysis, by Lines of Business

Russia Life Insurance Industry Analysis, by Lines of Business

For more lines of business insights, download a free report sample

Key Distribution Channels in the Russia Life Insurance Industry

The key distribution channels in the Russia life insurance industry are direct marketing, e-commerce channels, insurance brokers, bancassurance, and agencies.

Russia Life Insurance Industry, by Distribution Channels

Russia Life Insurance Industry, by Distribution Channels

For more distribution channel insights, download a free report sample

Key Russia Life Insurance Industry Companies

Some of the key life insurance companies in Russia are Sberbank Life Insurance Company, Alfa Strakhovanie-Life, SK Sogaz Zhizn’Insurance, Renaissance Life Insurance Company Limited, Rosgosstrakh Life Insurance Company, Capital Life Insurance, Sogaz, RSHB Life Insurance, Societe General Life Insurance Llc, and Uralsib Life Jsc.

Russia Life Insurance Industry, by Companies

Russia Life Insurance Industry, by Companies

For more company insights, download a free report sample

Russia Life Insurance Market Report Overview

Market Size (2021) $7.3 billion (GWP)
CAGR (2021-2026) >3%
Key Lines of Business Whole Life, Endowment, Term Life, Pension, Other Life Insurance, and Life PA&H
Key Distribution Channels Direct Marketing, E-Commerce Channels, Insurance Brokers, Bancassurance, and Agencies
Key Companies Sberbank Life Insurance Company, Alfa Strakhovanie-Life, SK Sogaz Zhizn’Insurance, Renaissance Life Insurance Company Limited, Rosgosstrakh Life Insurance Company, Capital Life Insurance, Sogaz, RSHB Life Insurance, Societe General Life Insurance Llc, and Uralsib Life Jsc

Scope

This report provides:

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

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to Russia’s life insurance segment, and each sub-segment and category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Russia life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing Russia’s life insurance industry, and their impact on companies and the industry’s future.

Key Players

Sberbank Life Insurance Company Limited Liability Company
Alfa Strakhovanie-Life
SK Sogaz Zhizn'Insurance
Renaissance Life Insurance Company Limited
Limited Liability Company Rosgosstrakh Life Insurance Company
Limited Liability Company - Capital Life Insurance
Sogaz
RSHB Life Insurance
Societe General Life Insurance Llc
Uralsib Life Jsc

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Summary Trends and KPIs

Key Trends by Line of Business

Term Life Insurance

Pension Insurance

Life PA&H Insurance

Other Life Insurance

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Regulatory and Compliance

Appendix

Frequently Asked Questions

The gross written premium of Russia life insurance industry was $7.3 billion in 2021.

The Russia insurance industry is expected to achieve a CAGR of more than 3% during 2021-2026.

The key lines of business in the Russia life insurance industry are whole life, endowment, term life, pension, other life insurance, and life PA&H.

The key distribution channels in the Russia life insurance industry are direct marketing, e-commerce channels, insurance brokers, bancassurance, and agencies.

Some of the key insurance companies in Russia insurance industry are Sberbank Life Insurance Company, Alfa Strakhovanie-Life, SK Sogaz Zhizn’Insurance, Renaissance Life Insurance Company Limited, Rosgosstrakh Life Insurance Company, Capital Life Insurance, Sogaz, RSHB Life Insurance, Societe General Life Insurance Llc, and Uralsib Life Jsc.

$3,999

Can be used by individual purchaser only

$11,997

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Get in touch to find out about our multi-purchase discounts

reportstore@globaldata.com
Tel +44 (0) 20 7947 2960

Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.

GDPR + CCPA Compliant

Personal and transaction information are kept safe from unauthorised use.

Recently Viewed Reports

Testimonial

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods
Looking to stay on top of industry & market trends?

Sign up to receive regular alerts for our latest analysis and reports. No matter your industry focus, you can keep your finger on the pulse with our timely updates.