RUSSIA: over the last 5 years, the total number of insurers has decreased by more than 41%

Over the past 5 years (since 2014), the total number of insurers on the local market has decreased by 41.5%, and the number of branches by 27.6%, ASN reports based on a review of insurer activity, published by the Federal State Statistics Service.

Since 2014, the total number of branches of insurers dropped by 1324 units. At that total number of insurers in 2014 was 395, in 2015 – 360, in 2016 – 297, in 2017 – 246, at the end of 2018 – 231.

As Alexey BREDIKHIN, Director, Financial Institutions Ratings Group ACRA, believes, the market consolidation continues, insurers are closing inefficient branches to optimize expenses…

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