RUSSIA: over the last 5 years, the total number of insurers has decreased by more than 41%

11 July 2019 — Marina MAGNAVAL
Over the past 5 years (since 2014), the total number of insurers on the local market has decreased by 41.5%, and the number of branches by 27.6%, ASN reports based on a review of insurer activity, published by the Federal State Statistics Service.

Since 2014, the total number of branches of insurers dropped by 1324 units. At that total number of insurers in 2014 was 395, in 2015 - 360, in 2016 - 297, in 2017 - 246, at the end of 2018 - 231.

As Alexey BREDIKHIN, Director, Financial Institutions Ratings Group ACRA, believes, the market consolidation continues, insurers are closing inefficient branches to optimize expenses. At the same time, according to the large market players, the number of branches did not change significantly or at all in 2017-2018 - AlfaStrakhovanie has 270 representative offices, RESO-Garantia has 91, and INGOSSTRAKH has 83, ASN reports.

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