According to the preliminary data for 9 months this year, provided by the All-Russian Insurance Association (ARIA), Russian life insurers generated GWP in the amount of RUB 342.6 billion (+36% y-o-y).
Life premiums breakdown by classes is as follows: 60% generated by investment life insurance, 20% – by credit insurance, 14% – by universal life insurance, 2% – by voluntary health insurance and 4% – by other types. Paid claims of life insurers after 9 months increased by 2.3 times to RUB 70.9 billion, according to the Chairman of the ARIA committee on accidents insurance and development of life insurance, the member of the Board of directors of SBERBANK Life insurance, Maxim CHERNIN.
The life insurance market is highly concentrated, with 88% of GWP controlled by the TOP-10 insurers. The 3 market leaders, accumulating 36% of life premiums, are SBERBANK Life insurance, AlfaStrakhovanie Life and RENAISSANCE Life.
Based on the Expert RA rating agency’s forecast, overall growth rates of the local market by the end of this year may reach 12-13% with total GWP at the level of RUB 1.44 trillion. The main contribution to the market growth as usually is made by the life sector; without life insurance the market may grow only by 4-5%, said Expert RA…