RUSSIA: market share of TOP-5 life insurers in 2019 exceeded 70% in the life portfolio

27 February 2020 — Marina MAGNAVAL
In 2019, life insurance decreased by 9% y-o-y and amounted to RUB 433.2 billion (~EUR 6.24 billion), as the preliminary market data show. At the same time, life paid claims increased by 87%, to RUB 140.7 billion, according to Igor YURGENS, President of the All-Russian Insurance Association (ARIA).

"These are both risk and funded payments. By paying claims, each life insurer makes its small contribution to popularization of this insurance type", said Evgeniy GUREVICH, General director of Capital Life Insurance.

GWP of the universal life insurance, which has become a new life growth driver, amounted to RUB 110.2 billion (+64%). Credit insurance grew by 6% and investment life insurance, former driver, fell by 32% y-o-y, to RUB 196.9 billion.

Life insurance remains highly concentrated. In 2019, the share of TOP-5 life companies reached 70.2% of life GWP, while the leader (SBERBANK Life insurance) was occupying 35.4% of the life market, ASN reports.

* EUR 1 = RUB 69.3777 (as of 01.01.2020)
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