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

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Russia Life Insurance Market Overview

The gross written premium of Russia life insurance market was RUB528.7 billion in 2022 and is expected to achieve a CAGR of more than 4% during 2023-2027. Russian investment in Chinese capital markets gained traction as most Western capital markets closed for Russian investors. Despite the presence of currency and other risks, the sector is expected to see more such investments, leading to new life insurance product launches.

The Russia life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Russia’s life 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 and forecast periods.

Russia Life Insurance Market Outlook, 2022-2027 (RUB Billion)

Russia Life Insurance Market Outlook, 2022-2027 (RUB Billion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the economy and demographics, and provides detailed information on the competitive landscape in the country. It 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) RUB528.7 Billion
CAGR (2023-2027) >4%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·       Term Life

·       Endowment

·       Whole Life

·       Life PA&H

·       Pension

·       Other Life Insurance

Key Distribution Channels ·       Bancassurance

·       Direct Marketing

·       Agencies

·       E-Commerce

·       Insurance Brokers

·       Other Distribution Channels

Leading Companies ·       Sberbank Life Insurance

·       Alfa Strakhovanie-Life

·       SK Sogaz Zhizn’Insurance

·       Renaissance Life Insurance

·       Rosgosstrakh

Market Trends ·       Growing Investments Linked to China

·       Insurtech

·       ESG

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Russia Life Insurance Market Trends

Insurtech: Digitalization in the insurance value chain is a focus area for Russian insurers. AI is another prominent theme in the Russian insurance industry. Insurers are integrating AI with government resources to optimize processes and expand their presence. Furthermore, the rising popularity of self-learning AI and computer vision are other key areas of interest among Russian consumers.

ESG: There have been several ESG initiatives being taken in the Russian insurance sector to improve the market’s growth. For instance, In February 2023, Sberbank announced its plan to launch a number of new green products in the year, including green mortgages and insurance for retail customers. Similarly, in January 2023, the Russian Union of Industrialists and Entrepreneurs (RSPP) approved RSPP Recommendations on maintaining and promoting the sustainable development agenda in modern Russian practice.

Russia Life Insurance Market Segmentation by Lines of Business

The key lines of business in the Russia life insurance industry are term life, endowment, whole life, life PA&H, pension, and others. Term life was the highest contributing line in 2022, followed by endowment, and whole life LoBs respectively. These segments garnered strong growth as insurers shifted their focus to protection plans. Furthermore, new regulations enacted by the CBR and developments in mortgage and borrowing are expected to dictate the growth patterns in these lines.

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

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

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Russia Life Insurance Market Segmentation by Distribution Channel

The key distribution channels in the Russia life insurance industry are bancassurance, direct marketing, agencies, e-commerce, insurance brokers, and other distribution channels. Bancassurance accounted for the major share of new business direct written premiums (DWP) in 2022 in the country, followed by direct marketing.

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

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

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Russia Life Insurance Market - Competitive Landscape

The leading life insurance companies in Russia are Sberbank Life Insurance, Alfa Strakhovanie-Life, SK Sogaz Zhizn’Insurance, Renaissance Life Insurance, Rosgosstrakh, Capital Life Insurance, RSHB Life Insurance, Ingosstrakh-Life, Uralsib Life, and Maks-Life among others. Sberbank Life Insurance was the leading insurer in 2021, followed by Alfa Strakhovanie-Life and SK Sogaz Zhizn’Insurance.

Russia Life Insurance Market Analysis by Companies, 2021 (%)

Russia Life Insurance Market Analysis by Companies, 2021 (%)

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Russia Life Insurance Market Segments

Russia Life Insurance Market Lines of Business Outlook (Value, RUB Billion, 2018-2027)

  • Term Life
  • Endowment
  • Whole Life
  • Life PA&H
  • Pension
  • Other Life Insurance

Russia Life Insurance Market Distribution Channel Outlook (Value, RUB Billion, 2018-2027)

  • Bancassurance
  • Direct Marketing
  • Agencies
  • E-Commerce
  • Insurance Brokers
  • Other Distribution Channels

Scope

This report provides:

  • A 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.

Key Highlights

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

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

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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