Market segmentsLife insurance remained the largest segment on the market by the share of premiums written, amounting to 431 billion Russian rubles in 2020. Nonetheless, not all the industry sectors could withstand the coronavirus (COVID-19) pandemic effect in 2020. Namely, the baseline scenario projected an estimated loss of six percent in the voluntary medical insurance premiums written for 2021. This segment also accounted for the highest expected loss ratio in 2020. Cyber risk insurance was the second most promising field by growth potential in the non-life insurance segment.
Major industry playersThe share of leading companies in the market has been gradually increasing over the years, among which SOGAZ was the leader with nearly one-quarter of market share in 2019. The company also lead by the value of gross written premiums, and accounted for over 46 billion Russian rubles in net profits in 2020. In the life insurance segment, Sberbank Life Insurance was the dominant brand, while, Ingosstrakh was the top-chosen company for Casco in 2019. As for the reinsurance market, the Russian National Reinsurance Company (RNRC) was the major player.
Insurance companies in Russia have been gradually implementing innovative technologies in recent years. The most actively employed ones were cloud technology and robotic process automation, as for 2020. The majority of the industry experts estimated a payback period for investment in innovative technologies in three to five years.