Accumulative life insurance remains the main driver of life sector, while its previous driver, investment life insurance, decreased by 4.4% to RUB 188.3 billion. At the same time, accumulative life insurance grew by 24.3% to RUB 136.1 billion. The growth was also recorded in credit life insurance (+3.5% to RUB 97.9 billion) and medical insurance (+12.4% to RUB 12.8 billion), while the insurance of borrowers against accidents, on the contrary, decreased by 15.4% to RUB 4.9 billion.
As the President of ARIA Igor YURGENS noted, "the life insurance market passed 2020 very worthily - the year of the pandemic and an unprecedented crisis for many sectors of the economy. Its previous driver has been replaced by a new one, and although we do not see the double-digit growth rates that we used to see during the past years, the market has shown growth, not decline. Moreover, in 2020 the life insurance market entered the top 5 markets for investors in government bonds, meaning it demonstrated its prime importance for the Russian economy in general", he said.
Viktor DUBROVIN, Vice President of ARIA, speaking about the results for 2020, stressed that "the results of work in 2020 show two dynamics. The first is that, with regret, we can say that over the past three years the market, in terms of the GWP volume, has not changed, and new drivers are definitely required for its development and expansion, and it is still too early to talk about saturation and reaching target indicators. And the second is that, despite a few economic problems and the pandemic, the market demonstrates stability and good quality. Based on the above, it is possible to determine the tasks and goals for the current year - the development of new directions for expansion and growth. It is especially important to note that paid claims in 2020 exceeded RUB 200 billion, which strongly supported policyholders and the economy".
According to ARIA, SBERBANK life insurance continues to lead in the life insurance market, although the company's GWP dropped by 30.8% to RUB 106.1 billion. AlfaStrakhovanie-Life ranks second (+52.3%, RUB 84.9 billion), the third is SOGAZ-Life (+ 66.2%, RUB 76.1 billion). TOP-5 life insurers also include RENAISSANCE Life and KAPITAL Life Insurance.
In accumulative life insurance, the leader is SBERBANK Life Insurance with the GWP volume collected in this segment in the amount of RUB 56.2 billion, followed by SOGAZ Life and KAPITAL Life Insurance. In investment life insurance, the leader is SOGAZ-Life (RUB 50.5 billion), followed by AlfaStrakhovanie and RENAISSANCE Life.
* at the following exchange rate:
EUR 1 = RUB 90.7932 (as of 01.01.2021)