In January-March 2025, the insurance market grew by 46.16%, reaching RUB 845.42 billion (~EUR 9.43 billion).

As the Central Bank notes in the review of key performance indicators of insurers, the market growth was mostly supported, as in the previous year, by investment and accumulative life insurance (their share exceeded 50% of the market), while the remaining segments increased by 2.1% in total.

At the same time, non-credit life insurance decreased by half compared to the fourth quarter of 2024. The reason for this is a decrease in the ability to compete with bank deposits in terms of profitability for life insurance products due to elimination of tax benefits.

In non-life insurance, the main growth came from insurance of other property of legal entities and individuals and voluntary health insurance. At the same time, the largest decrease was observed in credit life insurance and Motor Hull following a decrease in the volume of loans issued and car sales.

Total paid claims in the first quarter of 2025 more than doubled (+121.49%), to RUB 602.50 billion (EUR 6.72 billion). The main increase in paid claims in life insurance came from accumulative life insurance, and in non-life insurance - from voluntary health insurance and Motor Hull.

The Central Bank notes that the number of complaints against insurers in the reporting period decreased by 44.6% y-o-y - largely due to a decrease in the number of template complaints about the bonus-malus coefficient in MTPL. The number of complaints in life insurance also decreased, despite the rapid growth of the segment.

The net profit of the insurance market increased at the end of the first quarter of 2025, which led to an increase in profitability. Improvement of the financial result was mainly due to an increase in profit from insurance services of non-life insurers. In terms of investment and financial activities, interest income increased, which was associated with an increase in interest rates in the economy and the share of deposits in insurers' assets. Insurers also made a profit from positive revaluation of financial instruments. The profitability of the insurance market in1Q was 8.8% and return on equity reached 32.7%.

The concentration of the Russian insurance market has increased slightly. The share of the top 20 insurers by GWP exceeded 90%. In terms of GWP, the market leader is SBERBANK Life Insurance (RUB 236.27 billion), the market share of which increased from 8.84% a year earlier to almost 28%. SOGAZ and SOGAZ-Life rank second and third respectively.

Access xprimm.com and download the latest Russian insurance market statistics for 1Q2025 in EUR and RUB.