Motor Vehicle Insurance - Russia | Statista Market Forecast

The Motor Vehicle Insurance market market in Russia is projected to reach a market size (gross written premium) of US$6.29bn in 2024.
The average spending per capita in this market is expected to amount to US$43.70 in 2024.
Furthermore, the gross written premium is anticipated to show an annual growth rate (CAGR 2024-2029) of 3.54%, resulting in a market volume of US$7.49bn by 2029.
Comparatively, the United States is expected to generate the highest gross written premium in the global market, amounting to US$341.6bn in 2024.
The Motor Vehicle Insurance market in Russia is experiencing a surge in demand due to the increasing number of cars on the road.

Definition:

Motor vehicle insurance, often referred to as auto insurance, is a type of coverage that offers financial protection to individuals who own or operate vehicles like cars, motorcycles, or trucks. When you have motor vehicle insurance, you pay regular premiums to an insurance company, and in return, the insurer helps cover the costs associated with accidents, damages, and injuries related to your vehicle. This insurance market is essential for providing security and financial assistance in case of accidents, ensuring that individuals can repair or replace their vehicles.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance of land motor vehicles

Accident insurance
Insurance for aerial vehicles
Insurance for watercraft
insurance for spacecraft
All other insurance types, such as life insurance and health insurance
Reinsurance

The Motor Vehicle Insurance market in Russia is experiencing significant growth and evolution. Customer preferences in the Motor Vehicle Insurance market in Russia are shifting towards more comprehensive coverage options, including not only basic third-party liability insurance but also additional protection such as collision and theft coverage. Customers are increasingly looking for customized insurance plans that suit their individual needs and offer a wider range of benefits. Trends in the market show a rise in the adoption of digital channels for purchasing motor vehicle insurance in Russia. Insurers are leveraging technology to streamline the buying process, offer instant quotes, and provide round-the-clock customer support. Additionally, there is a growing trend towards usage-based insurance, where premiums are based on individual driving behavior monitored through telematics devices. Local special circumstances in Russia, such as the high rate of car accidents and vehicle theft, contribute to the increasing demand for motor vehicle insurance. The challenging driving conditions in certain regions and the prevalence of fraudulent claims also drive the need for comprehensive insurance coverage among Russian drivers. Underlying macroeconomic factors, including the overall economic stability and disposable income levels in Russia, play a crucial role in the development of the Motor Vehicle Insurance market. As the economy grows and more individuals purchase vehicles, the demand for insurance coverage naturally increases. Moreover, regulatory changes and government initiatives to improve road safety and insurance regulations also impact the market dynamics in the country.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

As the population of the United States grows, so too does the number of drivers on the road and thus the customer base for motor insurance. In 2022, there were over 280 million registered vehicles on the roads in the United States. Of those millions of registered vehicles, each year there are also millions of vehicle crashes. Road traffic fatalities in the U.S. peaked in 2021. So while many individuals feel secure in their vehicles, the statistics indicate the importance of automobile insurance and in most cases, auto insurance is required by law. Auto insurance is important because it not only covers any physical damage that may occur in an accident, but also any damage or injury that might be caused because of a vehicular accident or which may be done upon oneself or one’s vehicle by another vehicle or accident – a falling tree for example.