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Insurance market in Russia - Statistics & Facts

Even though the count of insurance companies has been following a negative trend over the past years, in 2021 the Russian insurance industry experienced significant growth compared to the previous periods. Namely, the value of premiums written in the market marked roughly 20 percent growth year-over-year.

Market segments

Life insurance remained the largest segment on the market by the share of premiums written, amounting to 524 billion Russian rubles in 2021. Nonetheless, not all the industry sectors could withstand the 2020 setbacks. 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 players

The share of leading companies in the market has been gradually increasing over the years, among which SOGAZ was the leader by the value of gross written premiums, and accounted for 31 billion Russian rubles in net profits in 2021. In the life insurance segment, Sberbank Life Insurance was the dominant brand, while, Ingosstrakh was the top-chosen company for Casco in 2021. 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 machine learning models, in 2021. The majority of the industry experts estimated a payback period for investment in innovative technologies in three to five years.

Interesting statistics

In the following 5 chapters, you will quickly find the 26 most important statistics relating to "Insurance market in Russia ".

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