Non-life insurances - Russia | Statista Market Forecast

The Non-life insurance market in Russia is expected to reach a projected market size (gross written premium) of US$13.91bn in 2024.
In the same year, the average spending per capita in the Non-life insurance market is estimated to be US$96.66.
Looking ahead, the gross written premium is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of 3.71%, resulting in a market volume of US$16.70bn by 2029.
In comparison to other countries, the United States is projected to generate the highest gross written premium of US$2.5tn in 2024.
Russia's non-life insurance market is experiencing significant growth due to increasing consumer awareness and the implementation of digital insurance solutions.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurance market in Russia is experiencing a notable growth trajectory with evolving customer preferences, market trends, and local special circumstances shaping its development.

Customer preferences: Customers in Russia are increasingly seeking comprehensive non-life insurance coverage to protect their assets and mitigate risks. There is a growing demand for tailored insurance products that offer flexibility, affordability, and extensive coverage. Additionally, customers are placing emphasis on digitalization and convenient access to insurance services, driving insurers to enhance their online platforms and customer service channels.

Trends in the market: One prominent trend in the Russian non-life insurance market is the rise of innovative insurance products catering to specific needs such as property, health, and liability insurance. Insurers are also focusing on developing niche products to target different customer segments effectively. Moreover, there is a noticeable shift towards sustainable and environmentally friendly insurance solutions, reflecting global trends in the insurance industry.

Local special circumstances: Russia's non-life insurance market is influenced by unique local circumstances, including regulatory changes, geopolitical factors, and cultural preferences. The regulatory environment plays a crucial role in shaping market dynamics and driving insurers to comply with stringent requirements. Geopolitical factors, such as economic sanctions and geopolitical tensions, can impact the market stability and consumer confidence. Furthermore, cultural preferences and societal norms influence the uptake of insurance products, with certain regions in Russia exhibiting varying levels of insurance penetration.

Underlying macroeconomic factors: The growth of the non-life insurance market in Russia is also influenced by underlying macroeconomic factors such as GDP growth, inflation rates, and disposable income levels. Economic stability and growth prospects play a significant role in boosting consumer confidence and increasing insurance penetration. Inflation rates and disposable income levels impact customers' purchasing power and willingness to invest in insurance products, highlighting the interplay between economic conditions and insurance market performance.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.