KPMG prepared a report that presents the independent views on the development of the Russian insurance market over 2021–2024, based on an analysis of historical performance, current market trends, regulations, the development drivers behind insurance products, and the general expectations of industry experts. Our analysis indicates that the total Russian insurance market could reach RUB2,323 bln by 2024, with an average annual growth rate of 11.6%. Both the Non-life and Life insurance segments are expected to contribute to the further development of the market.

The report’s insights can benefit insurance companies, financial services institutions, and Russian and international strategic and financial investors in terms of:

  • identifying and aligning key market and product segment development trends
  • identifying promising product segments, with a view to elaborating investment and product growth strategies
  • building robust forecast models, based on a combination of publicly available sources and market expert opinions.

Structure of report

The report provides insights into the insurance market in Russia, including:

  • the outlook for overall Life and Non-life markets over 2016–2024
  • the Russian insurance segment’s outlook by product category
  • key market trends and drivers for the development of the Russian insurance market in the mid term
  • forecasts of key product segments in both Life and Non-life over 2021–2024, including the outlook for major drivers.

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Key highlights from the full standard report are available via the link below.