The market growth was supported by accumulative life insurance and insurance types related to lending, thanks to the anti-crisis measures and soft monetary policy of the Bank of Russia. On the other hand, the pandemic most of all negatively affected such a key segment as voluntary health insurance, one of the previous market drivers.
However, it is worth noting that Russian insurance companies ended this challenging year with good results. The return on equity of insurers decreased slightly but remained the highest (28.7%) among financial market participants. Profit of insurers increased a bit by the end of 2020, with 135 (or 84%) of the 160 insurers gaining profit.
In 2020, total number of insurance companies reduced by 18 to 160, but companies left the market mostly voluntarily and this reduction only slightly increased the market concentration - the share of TOP-20 in terms of assets amounted to 80.3% (+0.3 p.p.)
As the Central Bank emphasized, such a difficult year 2020 for the economy, on the other hand, had several positive consequences for the insurance market. Foremost, the economic shock significantly accelerated digitalization of many processes, increased the need for remote services, improved online sales and contributed to the development of new insurance products.
All those important milestones in the market evolution and much more included in the Insurance Profile Russia FY2020, which is the latest editorial premiere of XPRIMM launched online! The Report includes statistical data on the Russian insurance business for 2020, interviews with representatives on the market and analytical articles concerned with the development of key market trends and segments. The report is produced with the support of the Informational Group "Insurance Today" and will be available online on www.xprimm.com.