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New reality: the Russian insurance market

New reality: the Russian insurance market

KPMG presents its fifth annual survey of the Russian insurance market.

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The economic downturn is adversely affecting insurance market growth drivers such as household spending power, lending and auto sales.

In the current unfavourable conditions, insurance company bosses are concentrating on maintaining profitability, focussing mainly on reducing expenses, including by improving their portfolio and holding back on its expansion, particularly in regions known to be unprofitable.

The market leaders view the situation calmly and expect favourable conditions for increasing their market share, while smaller players that do not have enough funds built up risk coming close to bankruptcy or having their licence revoked.

© 2020 KPMG. KPMG refers JSC “KPMG”, “KPMG Tax and Advisory” LLC, companies incorporated under the Laws of the Russian Federation, and KPMG Limited, a company incorporated under The Companies (Guernsey) Law, as amended in 2008.

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