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Insurance market in Russia - Statistics & Facts

In 2019, the Russian insurance market entered into a phase of stagnation based on the volume of premiums written. The overall growth rate of the industry was significantly slower compared to the previous years, while the number of insurance companies operating in the country recorded a negative trend.

Life insurance remained the largest segment on the market by the share of premiums written, which in 2019 amounted to 445 billion Russian rubles. Nonetheless, this segment was estimated to suffer the most in 2020 due to the coronavirus (COVID-19) outbreak in the country. Namely, an estimated loss of life insurance premiums written was measured at 40 percent in case of a negative scenario. In terms of the expected loss ratio, voluntary medical insurance yielded the highest mark during 2019. Cyber risk insurance was the second most promising field by growth potential in the non-life insurance segment.

The share of leading companies in the market has been gradually increasing over the years, among which Sberbank Strakhovanie was the leader with a 13 percent market share in 2018. However, SOGAZ exceeded the former in terms of gross written premiums in 2019 and accounted for over 150 billion Russian rubles in profits in 2018. In the segment of life insurance, Sberbank Life Insurance was the dominant brand, while Ingosstrakh was the most chosen company for CASCO insurance in 2019. As for the reinsurance market, the Russian National Reinsurance Company (RNRC) was the largest in the segment.

Insurance companies in Russia have been gradually implementing innovative technologies in recent years. As for 2019, the most actively employed ones were cloud technology and robotic process automation. 58 percent of experts estimated a payback period for investment in innovative technologies in three to five years.

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Insurance market in Russia

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