Non-Life Insurance in Russia

November 2024 | 40 pages | ID: ND9EE709511EN
MarketLine

Abstracts

Non-Life Insurance in Russia

Summary

Non-Life Insurance in Russia industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

• Non-life insurance is defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event. The market value is measured by the written premium generated by market players within a given year.
• The Russian non-life insurance market recorded written premiums of $19.6 billion in 2023, representing a compound annual growth rate (CAGR) of 3.2% between 2018 and 2023.
• The motor segment accounted for the market's largest proportion in 2023, with total written premiums of $7.7 billion, equivalent to 39.2% of the market's overall value.
• The contraction in the Russian non-life insurance market in 2023 was driven by declining disposable incomes. Higher taxes and stagnating wage growth reduced consumers' ability to spend on non-essential services, including insurance policies. According to Eurostat, the net household disposable income of Russia fell by 12.4% in 2023 compared to the previous year, reflecting economic pressures that deterred individuals and businesses from prioritizing voluntary insurance coverage.

Scope

• Save time carrying out entry-level research by identifying the size, growth, and leading players in the non-life insurance market in Russia
• Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Russia
• Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
• Add weight to presentations and pitches by understanding the future growth prospects of the Russia non-life insurance market with five year forecasts by both value and volume

Reasons to Buy

• What was the size of the Russia non-life insurance market by value in 2023?
• What will be the size of the Russia non-life insurance market in 2028?
• What factors are affecting the strength of competition in the Russia non-life insurance market?
• How has the market performed over the last five years?
• Who are the top competitors in Russia's non-life insurance market?

Contents

1 EXECUTIVE SUMMARY

1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive landscape

2 MARKET OVERVIEW

2.1. Market definition
2.2. Market analysis

3 MARKET DATA

3.1. Market value

4 MARKET SEGMENTATION

4.1. Category segmentation
4.2. Geography segmentation

5 MARKET OUTLOOK

5.1. Market value forecast

6 FIVE FORCES ANALYSIS

6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry

7 COMPETITIVE LANDSCAPE

7.1. Market share
7.2. Who are the leading players?
7.3. What are the strategies of the leading players?
7.4. What are the strengths of the leading players?

8 COMPANY PROFILES

8.1. SOGAZ Insurance Group
8.2. AlfaStrakhovanie Group
8.3. RESO-Garantiya
8.4. Ingosstrakh Joint-Stock Insurance Co Ltd

9 MACROECONOMIC INDICATORS

9.1. Country data

10 APPENDIX

10.1. Methodology
10.2. Industry associations
10.3. Related MarketLine research
10.4. About MarketLine

List Of Tables

LIST OF TABLES

Table 1: Russia non-life insurance market value: $ billion, 2018-23
Table 2: Russia non-life insurance market category segmentation: % share, by value, 2018-23
Table 3: Russia non-life insurance market category segmentation: $ billion, 2018-23
Table 4: Russia non-life insurance market geography segmentation: $ billion, 2023
Table 5: Russia non-life insurance market value forecast: $ billion, 2023-28
Table 6: Russia non-life insurance market share: % share, by value, 2023
Table 7: SOGAZ Insurance Group: Key Facts
Table 8: SOGAZ Insurance Group: Key Employees
Table 9: AlfaStrakhovanie Group: Key Facts
Table 10: AlfaStrakhovanie Group: Key Employees
Table 11: RESO-Garantiya: Key Facts
Table 12: RESO-Garantiya: Key Employees
Table 13: Ingosstrakh Joint-Stock Insurance Co Ltd: Key Facts
Table 14: Ingosstrakh Joint-Stock Insurance Co Ltd: Key Employees
Table 15: Russia Size of Population (million), 2019-23
Table 16: Russia Real GDP (Constant 2010 Prices, $ Billion), 2019-23
Table 17: Russia GDP (Current Prices, $ Billion), 2019-23
Table 18: Russia Inflation, 2019-23
Table 19: Russia Consumer Price Index (Absolute), 2019-23
Table 20: Russia Exchange Rate, 2018-23

List Of Figures

LIST OF FIGURES

Figure 1: Russia non-life insurance market value: $ billion, 2018-23
Figure 2: Russia non-life insurance market category segmentation: $ billion, 2018-23
Figure 3: Russia non-life insurance market geography segmentation: % share, by value, 2023
Figure 4: Russia non-life insurance market value forecast: $ billion, 2023-28
Figure 5: Forces driving competition in the non-life insurance market in Russia, 2023
Figure 6: Drivers of buyer power in the non-life insurance market in Russia, 2023
Figure 7: Drivers of supplier power in the non-life insurance market in Russia, 2023
Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in Russia, 2023
Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in Russia, 2023
Figure 10: Drivers of degree of rivalry in the non-life insurance market in Russia, 2023
Figure 11: Russia non-life insurance market share: % share, by value, 2023