Life Insurance & Pension in Russia
Summary
Life Insurance & Pension in Russia industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Life insurance & pension is the financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.
- The Russian life insurance & pension market recorded gross written premiums of $8.2 billion in 2023, representing a compound annual growth rate (CAGR) of 2.6% between 2018 and 2023.
- The life insurance segment accounted for the market's largest proportion in 2023, with total gross written premiums of $8.2 billion, equivalent to 99.7% of the market's overall value.
- The growth in the Russian life insurance & pension market is driven by the increasing population of individuals aged 65 and above. This demographic shift is fuelling demand for retirement savings plans and income protection policies as people seek financial security for their post-retirement years. According to the United States Census Bureau, the population of individuals aged 65 and above in Russia stood at 24.7 million in 2023, an increase of 2.8% from the previous year.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance & pension market in Russia
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance & pension market in Russia
- Leading company profiles reveal details of key life insurance & pension market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Russia life insurance & pension market with five year forecasts by both value and volume
- What was the size of the Russia life insurance & pension market by value in 2023?
- What will be the size of the Russia life insurance & pension market in 2028?
- What factors are affecting the strength of competition in the Russia life insurance & pension market?
- How has the market performed over the last five years?
- Who are the top competitors in Russia's life insurance & pension market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Market rivalry
- 1.7. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What are the strategies of the leading players?
- 7.4. What are the strengths of the leading players?
- 8 Company Profiles
- 8.1. Sberbank Life Insurance
- 8.2. AlfaStrakhovanie Group
- 8.3. Rosgosstrakh
- 8.4. Renaissance Life Insurance Company Russia
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Russia life insurance & pension market value: $ billion, 2018-23
- Table 2: Russia life insurance & pension market category segmentation: % share, by value, 2018-23
- Table 3: Russia life insurance & pension market category segmentation: $ billion, 2018-23
- Table 4: Russia life insurance & pension market geography segmentation: $ billion, 2023
- Table 5: Russia life insurance & pension market value forecast: $ billion, 2023-28
- Table 6: Russia life insurance & pension market share: % share, by value, 2023
- Table 7: Sberbank Life Insurance: Key Facts
- Table 8: Sberbank Life Insurance: Key Employees
- Table 9: AlfaStrakhovanie Group: Key Facts
- Table 10: AlfaStrakhovanie Group: Key Employees
- Table 11: Rosgosstrakh: Key Facts
- Table 12: Rosgosstrakh: Annual Financial Ratios
- Table 13: Rosgosstrakh: Key Employees
- Table 14: Renaissance Life Insurance Company Russia: Key Facts
- Table 15: Renaissance Life Insurance Company Russia: Key Employees
- Table 16: Russia Size of Population (million), 2019-23
- Table 17: Russia Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 18: Russia GDP (Current Prices, $ Billion), 2019-23
- Table 19: Russia Inflation, 2019-23
- Table 20: Russia Consumer Price Index (Absolute), 2019-23
- Table 21: Russia Exchange Rate, 2018-23
- List of Figures
- Figure 1: Russia life insurance & pension market value: $ billion, 2018-23
- Figure 2: Russia life insurance & pension market category segmentation: $ billion, 2018-23
- Figure 3: Russia life insurance & pension market geography segmentation: % share, by value, 2023
- Figure 4: Russia life insurance & pension market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the life insurance & pension market in Russia, 2023
- Figure 6: Drivers of buyer power in the life insurance & pension market in Russia, 2023
- Figure 7: Drivers of supplier power in the life insurance & pension market in Russia, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the life insurance & pension market in Russia, 2023
- Figure 9: Factors influencing the threat of substitutes in the life insurance & pension market in Russia, 2023
- Figure 10: Drivers of degree of rivalry in the life insurance & pension market in Russia, 2023
- Figure 11: Russia life insurance & pension market share: % share, by value, 2023
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