Russia
STATISTICS: RUSSIA, 1H2025: the market rises by more than a third y-o-y
In the first half of 2025, the insurance market increased by more than a third, to RUB 1.76 trillion (EUR 19.14 billion). Market growth was supported by investment and accumulative life insurance (their share amounted to 52.2% on the market), the Central Bank notes in the review of key performance indicators of insurers.
15 September 2025STATISTICS: RUSSIA, 1Q2025: paid claims more than doubled y-o-y
In January-March 2025, the insurance market grew by 46.16%, reaching RUB 845.42 billion (~EUR 9.43 billion).
17 June 2025STATISTICS: RUSSIA, FY2024: the market grew by almost 63%, significantly outpacing economic growth
In 2024, the insurance market increased by 62.8%, to RUB 3.7 trillion (EUR 35.06 billion, +52%), significantly outpacing economic growth. The ratio of insurance premiums to GDP increased by 0.6 percentage points, to 1.9% in 2024, according to a review of key performance indicators of insurers published by the Central Bank.
17 March 2025STATISTICS: RUSSIA, 3Q2024 results: double-digit growth on the market: GWP grew by 46%, and paid claims by 35%
According to the 3Q2024 results, the market grew by 46.20% y-o-y, amounting to RUB 2.40 trillion (EUR 23.26 billion). Investment and accumulative life insurance segments were a powerful driver of the insurance market – they grew to record levels, according to a review of key performance indicators of insurers published by the Central Bank.
18 December 2024STATISTICS: RUSSIA, 1H2024: insurers' net profit drops by almost 15%
In 1H2024, the market amounted to RUB 1,293.61 billion (EUR 13.99 billion), which is 20.55% more y-o-y in local currency. Insurers' paid claims increased by 18% and reached RUB 583.71 billion (EUR 6.31 billon), according to data published by the Central Bank.
1 October 2024STATISTICS: RUSSIA, 1Q2024: insurance market growth slowed to 5.5%
In 1Q2024, the market amounted to RUB 578.4 billion (EUR 5.81 billion), which is 5.5% more y-o-y in local currency. At the same time in euros the market result was negative (-10.86%). The Central Bank notes in its review of key performance indicators of insurers that the growth of the market has slowed down from 21.2% in 1Q2023.
17 June 2024STATISTICS: RUSSIA, FY2023: net profit at the end of the year almost doubled
In 2023, the insurance market grew by a quarter to RUB 2.28 trillion (EUR 23.03 billion). The growth drivers in life insurance were all main types, including investment, accumulative and credit insurance, while in non-life insurance – motor segment, follows from data published by the Central Bank.
17 April 2024STATISTICS: RUSSIA, 3Q2023: net profit of insurers more than tripled
The insurance market ended 3Q2023 with RUB 1,646.73 billion (~EUR 16.13 billion), which is 24% more y-o-y in rubles. However, in euro, the market decreased by about 32% due to a sharp change in the exchange rate compared to a year earlier. Paid claims reached RUB 758.86 billion/EUR7.43 billion (+17% in rubles), as follows from data published by the Central Bank.
18 December 2023Russian motor insurers respond to the Green Card system sanctions by establishing the Blue Card system
According to information provided on the Russian Union of Motor Insurers (RAMI) website, the first agreement was concluded by the Russian motor insurers’ association within the framework of the newly established Blue Card system, with the Belarusian Bureau of Transport Insurance and became effective on 2 September.
14 September 2023STATISTICS: RUSSIA, 1H2023: almost 30% y-o-y decrease in european currency because of strong depreciation of the ruble
The insurance market ended the first half of 2023 with RUB 1,073.12 billion (EUR 11.28 billion), which is 24% more y-o-y in rubles. However, in euros, it decreased by 29% due to a sharp change in exchange rate compared to the first half of 2022. Paid claims reached RUB 494.68 billion rubles (+17%)/EUR 5.20 billion, as follows from data published by the Central Bank.
13 September 2023UNIQA announced the withdrawal from Russia
UNIQA announced is selling its 75% share in the Russian company Raiffeisen Life to the Russian insurance company Renaissance Life, along with AO Raiffeisenbank, which belongs to the Raiffeisen Bank International Group and owns the remaining 25% of the shares.
28 August 2023STATISTICS: RUSSIA, 1Q2023: total profit of Russian insurers almost tripled
In 1Q2023, the market significantly grew y-o-y. This was largely due to the low base effect, since in February-March 2022 the external conditions for the Russian economy deteriorated sharply, which led, among other things, to a significant decrease in activity in the insurance market and a GWP reduction at the end of 1Q2022, the Central Bank notes in its review.
21 June 2023STATISTICS: RUSSIA, FY2022: GWP remained practically unchanged, while paid claims increased by more than 12% y-o-y
The insurance market at the end of 2022 remained virtually unchanged, while the Central Bank noted that quarterly dynamics was multidirectional and followed changes in economic activity. GWP decreased in the insurance types related to lending and life insurance, and support was mainly provided by motor insurance and life insurance segments, according to the latest CB's review of key performance indicators of insurers.
13 April 2023STATISTICS: RUSSIA, 3Q2022: profit of the insurers drops by more than 31% y-o-y in 9M2022
At the end of 3Q2022, the market saw a slight decrease, amounting to RUB 1,327.93 billion (EUR 23.96 billion). It is worth noting the rapid growth in the European currency due to the positive dynamics of the ruble exchange rate against the euro (from ~84 rubles / euro in 2021 to ~50 rubles / euro at the end of September 2022), according to the market data published by the Central Bank.
15 December 2022STATISTICS: RUSSIA, 1H2022: market down by 3.57% y-o-y in local currency and nominal terms
At the end of 1H2022, the market amounted to RUB 862.25 billion (EUR 16 billion), having decreased by 3.57% y-o-y in local currency and nominal terns. Considering the 15.9% y-o-y inflation rate, the inflation adjusted results show an almost 17% y-o-y fall in GWP.
22 September 2022STATISTICS: RUSSIA, 1Q2022: the market shrank by 1.64% due to worsening of foreign trade and financial conditions
The Russian insurance market in 1Q2022 decreased by 1.64% y-o-y due to deterioration in foreign trade and financial conditions. GWP amounted to RUB 452.28 billion (EUR 4.83 billion). At the same time, the fall was only in life insurance (almost 11%), while non-life insurance recorded a slight increase, as shown by data published by the Central Bank.
30 June 2022Allianz to sell majority stake in Russian operations to Interholding
The Allianz Group has agreed to sell a majority stake in its Russian operations to Interholding, the owner of Russian P/C insurer Zetta Insurance. Upon the completion of the transaction, Allianz will hold a minority stake of 49.9% in the combined company.
6 June 2022SCOR's Q1 2022 results will be impacted by the conflict in Ukraine
French reinsurer SCOR announced, its Q1 2022 results will be impacted by the conflict in Ukraine. "Since the beginning of the war in Ukraine on 24th February 2022, SCOR has been closely monitoring the unfolding of events, and the resulting potential impact of the conflict and related international sanctions on its activity".
27 April 2022STATISTICS: Russia, FY2021: life insurance segment continued to grow, its share in the market portfolio reached 29%
The Russian insurance market grew by 17.52% in 2021 supported by recovery in economic activity after 2020. GWP increased in all major segments, and more than a third of the growth came from insurance related to lending to individuals, about a third - from investment and accumulative life insurance, according to a review of key performance indicators of insurers published by the Central Bank.
12 April 2022Russian insurers downgraded on severely adverse macroeconomic climate
S&P Global Ratings said on 7 March 2022 that it has taken negative rating actions on its rated Russian insurers, reflecting the agency's view of the heightened likelihood of financial and business vulnerability caused by rapidly escalating geopolitical and economic risks in Russia and follow the lowering of the Russian sovereign rating to CCC-.
8 March 2022
