The Russian insurance market is dominated by private companies. The number of market players has fallen sharply since the beginning of the decade as a result of increased M&A activity and stricter capital requirements that forced smaller and inefficient insurers out of business. The market was home to 226 insurers at the end of 2017, down by 12% y/y. In 2016, the licences of 75 insurance companies were revoked and 24 other were shuttered as part of a financial market clean-up process initiated by the Central Bank. As a result, the market concentration has increased with the top 20 insurance companies, both life and non-life, expanding their share in the overall insurance premium income from 71.2% in 2011 to 79.8% in 2017. Among the Russian insurers, 27 companies have an authorized capital of more than RUB 1bn each, of which only four insurance companies have an authorized capital exceeding RUB 10bn.

01 EXECUTIVE SUMMARY 

02 SECTOR IN FOCUS 

03 COMPETITIVE LANDSCAPE

04 COMPANIES IN FOCUS 

05 REGULATORY ENVIRONMENT 

06 NON-LIFE INSURANCE 

07 LIFE INSURANCE 

08 REINSURANCE

09 RETAIL CHANNELS