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Russian life insurance premiums decrease by 9%

Written by Adam Cadle
24/02/2020

Russian life insurance premiums decreased by 9% compared with 2018, from 478bn rubles to 433.2bn rubles.

According to the All-Russian Union of Insurers (VSS), the life insurance market remains highly concentrated. In 2019, the top 5 insurers accounted for 70.2% of the total insurance premium, and the market leader, Sberbank Life Insurance, accounted for 35.4% of all fees.

In total, 7,366 million life insurance contracts were concluded in 2019, including 357,000 for life insurance, 447,000 for housing insurance, 3.9 million for credit types, 2.1 million for other types of insurance.

Life insurance payments in 2019 amounted to 140.7bn rubles, while 1.2 million losses were settled.

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