Russia Insurance, Companies & Insurance Quote

Insurance in Russia is experienced a steady growth in the recent years and this is apparent in the increase of insurance companies numbers operating in the country.

The premium collections done are showing an increase making the status very clear that Russian insurance is gaining popularity.

Market status

Russia in 2009 had three large life companies ALICO, Geopolios and Rosgostrakh with 18.9%, 5.4% and 10.5% respectively. The voluntary healthcare coverage included SOGAZ, ROSNO and Ingosstrakh with 22.2%, 7.0% and 7.2%.

The non-life premiums showed an increase in 2008 reaching to RUB 927,500mn from the year 2007 with RUB 754,180mn. The same set shows a decline in the life premiums in 2008 reaching to RUB18,700mn in comparison to the earlier year that had RUB22,029mn.

The total premiums in 2009 is estimated to RUB992,231mn, comprising of non-life premiums and life premiums accounting to RUB970,345mn and RUB21,886mn respectively. The figures forecasted for 2014 is expected to show an increase reaching to 2.54% from 2.36% of 2009.

Insurance providers

The companies dealing with insurance in Russia do both life insurance as well as non-life insurance based on their gross premiums written. The major insurance providers in Russia dealing with life insurance companies are Delta Polis Insurance, Standart Reserv Insurance, Yakor Insurance, Stolichnoe Insurance, Russo-Garant Insurance, Vita Polis Insurance and Skala Garant Insurance.

The other insurance providers in Russia doing non-life insurance companies include Rosgosstrakh Insurance, Sogaz Insurance, VSK Insurance, Ingosstrakh Insurance, Soglasiye Insurance and Rosno Insurance.

Insurance in Russia in the Soviet period was totally different as people never knew anything about insurance and considered it to be waste of money that the government swallowed up. Now, insurance in Russia has ventured a long way and is an individual sphere with its own policies.

Russian insurance records state that there were 1245 insurance companies as on October 2000 in Russia. Conversely, the premium received from the insurance providers in Russia in the initial nine months equaled 118.5 billion rubles and accounts to 4% of the GNP. The premiums collected have elevated by 1.8 times and is continuing to grow constantly.

Russians now know the value of insurance and so insure their hard earned money that offers protection to them and their loved ones.

The insurance companies that are the top most are Allianz offering insurance and financial services; AIG Russia is also a leading insurance and financial service, ROSNO Insurance, a largest insurance group, APOSTLE, and many more.