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Ratio of written insurance Insurance spending per capita (USD)
premiums to GDP 1.44%

1.39% 178.9
1.37% 163.9
152.2

122.8
116.8
1.25%
1.23%

2014 2015 2016 2017 2018
2014 2015 2016 2017 2018

gas, mining, machinery and defense, transportation vehicles, the driving force of Russian insurance market. Share of life in-
communication tools, construction, electronics, scientific tools surance in overall written premiums increased from 28.3% in
and textile. Overall unemployment rate stands at 5.1% and peo- 2016 to 26% in 2017. Furthermore, excluding the contribution
ple living under the poverty line account for 13.3% of the pop- of life insurance premiums, Russian insurance market shrank by
ulation. 1.8% in 2017.

Russia has an export potential of 353 billion USD and its major Written premiums exceed 24.3 billion
export partners are China, the Netherlands, Germany, Belarus
and Turkey. On the other hand, the country’s import potential USD
stands at 238 million USD. Major import partners include Chi-
na, Germany, USA, Belarus, Italy and France. Russian current Share of online insurance sales climbed up to 2.5%, while the
gold and foreign-exchange reserve is known to be 539.6 billion amount of premiums written without the inclusion of any in-
USD. termediaries declined to 23%. On the other hand, premiums
written via brokers, credit institutions, vehicle dealers, tourism
Positive outlook in the insurance market operators, medical institutions, legal entities, individual entre-
preneurs, postal and financial leasing companies exceeded 74%.
As of 2017, a campaign has been initiated to fight against in-
According to the All-Russian Insurance Association (ARIA/ surance abuse and fraud. According to the statistics by OECD,
BCC), 165 insurance companies operate in Russian insurance Russian insurance market’s written premiums stood at 24 bil-
market. The insurance market research conducted by BCC in lion 301 million USD in 2018. Same statistics indicate a steady
2017 indicates that insurance market continues growing despite growth in terms of written premiums in recent years, which were
the negative economic conditions in the country. Even though reported as 26 billion 658 million USD for 2014, 17 billion 289
there was a slight decline in market growth compared to 2016, million USD for 2015, 18 billion 218 million USD for 2016, and
the market still grew by 8.3% at the end of 2017. These results 22 billion 517 million for 2017. As to the reflection of insurance
indicate that insurance market grows faster than Russian econo- premiums onto the gross domestic product, the statistics show
my. According to the same report, share of compulsory insurance a share of 1.25% as of 2014, 1.23% as of 2015, 1.37% as of
products in overall premium volume declined to 19.3%, while 2016, 1.39 as of 2017, and finally, 1.44% as of 2018.
voluntary insurance products increased their share up to 80.7%.
The report states that increase in voluntary insurance during an Insurance spending per capita also grows steadily in Russia,
economically challenging period reflects a positive development which was reported as 178.9 USD in 2014, 116.8 USD in 2015,
in terms of financial literacy, and an increase of trust in the 122.8 USD in 2016, 152.2 USD in 2017, and 163.9 USD in
insurance companies by the public. Life insurance still acts as
2018.