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Property Insurance - Russia

Russia
  • The Property Insurance market market in Russia is expected to witness significant growth in the coming years.
  • According to projections, the market size in terms of gross written premium is set to reach US$3.14bn by 2024.
  • This indicates a strong potential for expansion in the country.
  • Furthermore, the average spending per capita in the Property Insurance market sector is estimated to be US$21.82 in 2024.
  • This figure reflects the amount individuals are willing to invest in insuring their properties, highlighting the importance of this market segment in Russia.
  • Looking ahead, the market is expected to demonstrate a steady growth rate.
  • With a compound annual growth rate (CAGR) of 6.38% between 2024 and 2029, the gross written premium is projected to reach US$4.28bn by 2029.
  • This steady increase further emphasizes the promising outlook for the Property Insurance market market in Russia.
  • It is worth noting that when considering the global landscape, the United States is anticipated to generate the highest gross written premium, amounting to US$240.4bn in 2024.
  • This highlights the significant market potential and scale of the Property Insurance market industry the United States compared to other countries.
  • However, it is important to recognize the unique dynamics and opportunities present within the Russian market.
  • In Russia, property insurance is experiencing a surge in demand due to the increasing number of natural disasters and the growing awareness of the need for protection against unforeseen events.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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.

In-Scope

  • Insurance for all damage or loss of property caused by fire and natural forces
  • Insurance for all damage or loss of property caused by crime

Out-Of-Scope

  • All other insurance types, such as life insurance and health insurance
  • Reinsurance
Insurances

Insurances

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Study Details
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    Gross Written Premium

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Property Insurance market in Russia has been experiencing significant growth and development in recent years. Customer preferences in the Russian property insurance market are shifting towards comprehensive coverage options that not only protect against traditional risks like fire and theft, but also offer additional benefits such as coverage for natural disasters and liability protection. Trends in the market indicate a growing demand for online insurance services, with more customers opting to purchase property insurance policies through digital channels. This shift towards online platforms is driving innovation in the market, with insurance companies investing in technology to improve customer experience and streamline policy management processes. Local special circumstances in Russia, such as the country's vast geographical expanse and varying climate conditions, contribute to the increasing importance of property insurance. Harsh winters and frequent natural disasters make property insurance a necessity for homeowners and businesses alike, driving market growth. Underlying macroeconomic factors, including a stabilizing economy and increasing disposable income levels, are also fueling the growth of the property insurance market in Russia. As individuals and businesses become more financially secure, they are more willing to invest in insurance products to protect their assets against unforeseen events.

    Methodology

    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.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Property and casualty insurance in the United States - statistics & facts

    Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.
    More data on the topic
    Largest global P&C insurance company by revenue
    Berkshire Hathaway
    Net premiums of U.S. P&C insurance sector
    857.3bn USD
    Most profitable mutual P&C insurance company in the U.S.
    Nationwide

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