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.

The Central Bank notes that the market growth was mostly supported by investment life insurance and accumulative life insurance, while other segments in total increased by 2.8%, to RUB 1.8 trillion. In the non-life insurance segment, the main growth was observed in voluntary health insurance, Motor Hull, and corporate types of insurance.

The largest GWP decrease was recorded in credit life insurance, accident and illness insurance through the banking channel due to transition to collective insurance schemes, a reduction in the volume of loans to the population and inclusion of insurance risk in loan agreements by banks.

Paid claims in 2024 more than doubled, to RUB 2.1 trillion (EUR 20.25 billion, +92%). The main increase in life insurance came from accident and illness insurance, while in non-life insurance - from motor insurance and property insurance of legal entities. The regulator added that the number of complaints against insurers last year decreased by 30%.

The net profit of the insurance market at the end of 2024 increased by almost 1.5 times, which allowed profitability to return to the pre-crisis level of 2019. The main contribution was made by the growth of income from investment activities. It occurred due to an increase in interest income following the growth of interest rates in the economy in the context of an increase in the key rate of the Bank of Russia in 2024. The results of insurance activities at the end of last year slightly increased due to an improvement in the non-life insurance result.

Concentration of the Russian insurance market slightly increased. The share of the top 20 insurers by GWP was 90%. Sberbank Life Insurance ranks first in the market overall ranking (RUB 1.10 trillion), followed by AlfaStrakhovanie-Life (RUB 293.55 billion), and the leader of the previous year, SOGAZ, ranks third (RUB 260.39 billion).

Access xprimm.com and download the latest Russian insurance market statistics for FY2024 in EUR and RUB.