For the last 9 months of 2020 the market reached RUB 1.1 trillion/EUR 12.21 billion* (+3.1% in local currency), according to the data published by the Bank of Russia. The results were significantly impacted by the drop during the second quarter due to restrictive measures related to the pandemic.

As the regulator noted, in 3Q2020, the main growth drivers were accumulative and credit life insurance, thanks to preferential mortgage support programs and active promotion of investment products by banks, including accumulative life insurance. GWP saw growth in all major types of insurance, except for voluntary health insurance.

The resumption of activity in all main areas of the economy led to an increase in the number of insured events and thus an increase in paid claims during the third quarter, which at the end of September amounted to RUB 464.7 billion (+7.19%).

The return on equity of insurers for the period became the maximum on record (34.6%), profit increased to RUB 230.6 billion, mainly supported by investment activities.

SOGAZ keeps its leadership in the market (almost 21% of total GWP) and generated a record amount of premiums from January to September - more than in the whole year of 2019. AlfaStrakhovanie moved up to the second position, while INGOSSTRAKH still ranks the third.

* at the following exchange rate:
1 EUR = 93.0237 RUB (September 30th, 2020)
Access XPRIMM Database and download the latest Russian insurance market statistics.

• Russia 3Q2020 Market Portfolio
• Russia 3Q2020 Insurance Companies Rankings